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Bitcoin Technical Analysis: BTC/USD takes a pit stop at $4500, ahead of continued race south

  • Bitcoin is trading down over 2% on Thursday, despite the price managing to form some temporary stabilization around $4500.
  • BTC/USD moving within a horizontal wedge, subject to an extended drop potentially.  
  • Bulls failed to capitalize in making a firm break out of the $4500 territory.  

 

BTC/USD 60-minute chart  

 
 

Spot rate:                   134.62

Relative change:       -1.59%

High:                          139.53

Low:                           124.25

 

Trend:                          Bearish

 

Support 1:                   4319.18, daily pivot point support.

Support  2:                   4243.37, lower part of wedge.

Support  3:                   4092.39,  daily pivot point support.

Resistance  1:              4540.0, upper part of wedge.

Resistance  2:              4700.18, daily pivot point resistance.

Resistance  3:              4854.37,  daily pivot point resistance.

 

BTC/USD weekly chart

  • Danger still looms looking via the weekly, a break of $4000 weekly support, will see big exposure and potential a drop down to $3000 territory or even lower.

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