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Bitcoin Technical Analysis: BTC/USD rallies continues to be capped, with vulnerabilities to the downside remaining

  • Bitcoin price on Thursday is trading with very minor gains, up some 0.30%.
  • BTC/USD has formed a number of bearish structures across time frames.  

BTC/USD 15-minute chart

  • Price action has broken out to the upside from a pennant pattern structure.  

 

Spot rate:                 3559.50

Relative change:       +0.29%

High:                          3562.62

Low:                           3535.93

 

Trend:                        Neutral

 

Support 1:                 3513.62, daily pivot point support.

Support 2:                 3473.73, daily pivot point support.

Support 3:                 3424.27, daily pivot point support.

Resistance 1:            3602.97, daily pivot point resistance.

Resistance  2:            3652.42, daily pivot point resistance.

Resistance  3:            3692.32, daily pivot point resistance.

 

BTC/USD 60-minute chart

  • Price action is still moving within somewhat of a bearish flag pattern formation.  

BTC/USD daily chart

  •  BTC/USD remains plagued within the confinements of the narrowing daily range.  

 

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