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Bitcoin Technical Analysis: BTC/USD price stuck within steep descending channel

FX Street
Updated:
  • Bitcoin price on Thursday is nursing minor losses of some 1%.
  • BTC/USD daily price action is moving within a steep descending channel formation.  

BTC/USD 15-minute chart

  • Price action has breached a near-term ascending wedge formation.  

Spot rate:                3409.49

Relative change:     -1.10%

High:                        3457.23

Low:                         3396.20

 

Trend:                       Bullish

 

Support 1:                3386.82, daily pivot point support.

Support 2:                3336.85, daily pivot point support.

Support 3:                3300.97, daily pivot point support.

Resistance 1:           3472.67, daily pivot point resistance.

Resistance  2:           3508.55, daily pivot point resistance.

Resistance  3:           3558.52, daily pivot point resistance.

 

BTC/USD 60-minute chart

  • The price has escaped a near-term ascending channel formation.  

BTC/USD daily chart

  • BTC/USD is moving within a descending channel formation via the daily.  

FX Street

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