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Bitcoin Technical Analysis: BTC/USD subject to a potential explosive move out from descending daily wedge

FX Street
Published date:
  • Bitcoin price nursing minor losses on Thursday of just 1.6% in the second half.
  • Price action is moving within a descending wedge pattern, subject to a possible breakout.  

 

Spot rate:                   3840.62

Relative change:       -1.65%

High:                          3892.45

Low:                           3816.04

 

Trend:                         Bearish

 

Support 1:                   3803.17, daily pivot point support.

Support 2:                   3717.34, daily pivot point support.

Support 3:                   3661.2, daily pivot point support.

Resistance 1:              3945.14, daily pivot point resistance.

Resistance  2:              4001.28, daily pivot point resistance.

Resistance  3:              4087.12, daily pivot point resistance.

 

BTC/USD 60-minute chart  

  • Price is moving within a horizontal wedge pattern, demonstrating the frustrating mundane trading range.

BTC/USD daily chart

  • BTC/USD is falling within a descending wedge pattern, could be subject to a breakout to the upside.  

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