Bitcoin Technical Analysis: BTC/USD plummets further, as price is breaks the last legs of a strong demand zone, at danger of large further selling

0
  • Bitcoin continued to come under selling pressure on Wednesday, dropping to lowest level since February.
  • BTC/USD has breached the very lowest part of a strong touted demand zone, which tracked from $6800-6380
  • The price managed to receive a small bounce at the back end of a supporting area.

 

BTC/USD 60-minute chart

 

Spot rate:                    6224.90

Relative change:         – 4.95%

High:                            6611.70

Low:                            6107.90

 

Trend:                          Bearish

 

 

Support 1:                   5998.60, 26th February lows.

Support 2:                   5775.00, demand area.

Support 3:                   5500.00, (support on 60 minute)

Resistance 1:              6670.00, 50MA,

Resistance 2:              6900.00, (resistance on 60-minute).

Resistance 3:              6920.00, 100MA.

 

 

 

 

 

 

Get the 5 most predictable currency pairs

About Author