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  • Bitcoin price on is seen trading higher by around 1.5% on Wednesday, as the price enjoys some up time within a very choppy trading week so far.  
  • BTC/USD has been stuck within a stubborn range since the plummet earlier this month on 5th September, which could be very costly.
  • Price action has also been forming a head and shoulders pattern, the neckline is tracking around $6400-6350 area, if broken a drop down to retest $6000 to the downside could be seen.

 

BTC/USD 4-hour chart  


 

Spot rate:                    6531.4

Relative change:        +1.41 %

High:                          6558.0

Low:                           6382.5

 

Trend:                        Bullish.

 

Resistance 1:                6585.0,  supply zone & top area 14-15 September top area.

Resistance 2:                6770-6810.0, resistance on 4-hour and high area 21-22 September.

Resistance 3:                7100.0,  28th August high and consolidation area during bull run of end August-start September.

Support 1:                   6415.0, support on 4-hour chart.

Support 2:                   6370, neckline, ascending trend line.

Support 3:                   6207.0, demand zone.