Search ForexCrunch
  • Bitcoin price is back in consolidation mode on Tuesday, trading down marginally by 0.10%.
  • Bears easing off the selling pressure that was observed during Monday’s session.
  • Price action has formed a rising wedge pattern, as seen on the 60-minute time frame.  
  • Downside pressure still potentially looms for Bitcoin, with resumption of selling remaining a possibility.  

 

BTC/USD 60-minute  chart  


 

Spot rate:                   6260.32

Relative change:       -0.10%

High:                          6415.57

Low:                           6208.53

 

Trend:                        Bearish

 

Support 1:                  6253.00, lower trend line of rising wedge.

Support  2:                  6208.95, 29 October low.

Support  3:                  6148.42, 14 October low & demand area.

Resistance:                6296.53, upper trend line of rising wedge.  

Resistance:                6327.92, 50MA (60-minute).  

Resistance:                6367.15, resistance(60-minute) & 100MA.