- 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.