Bitcoin Technical Analysis: BTC/USD stabilizes somewhat within big demand zone, next move is extremely crucial

  • Bitcoin price has managed to find some stability, after the price tanked over the course of the weekend.
  • BTC/USD dropped around 13% from $7700 down to lows of $6620, breaking out of an ascending channel.
  • A crucial demand zone has come into play, tracking from $6500 up to $6800, a break below would send Bitcoin down to $5000 territory.

 

BTC/USD 60-minute chart

 

Spot rate:                    6753.20

Relative change:         -0.10%

High:                            6821.10          

Low:                            6629.70

 

Trend:                          Bearish/Neutral

 

 

Support 1:                   6620.00, 10th June low.  

Support 2:                   6000.00, 6th February low.

Support 3:                   5800.00, demand zone.

Resistance 1:              6830.50, (resistance on 60-minute chart)

Resistance 2:              7130.50, 50MA.

Resistance 3:              7385.30, 100MA.  

 

 

 

 

 

 


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