Bitcoin Technical Analysis: BTC/USD another attempt at breaking game changing resistance is near after rejection

Bitcoin Technical Analysis: BTC/USD another attempt at breaking game changing resistance is near after rejection

  • Bitcoin seen nursing some minor losses on Monday of around 0.5%, cooling seen across the market for now.
  • BTC/USD in yesterday’s session saw a rejection at an attempted breakout from the rising channel.
  • Big bearish wick seen on the candle that failed to break above resistance.

 

BTC/USD 4-hour chart

Bitcoin Technical Analysis: BTC/USD another attempt at breaking game changing resistance is near after rejection

Spot rate:                   7265.0

Relative change:       -0.50%

High:                          7324.8

Low:                           7200.0

 

Trend:                        Bearish

 

Support 1:                  7200.0, support on 4-hour chart.

Support  2:                 7122.5, top area on 28th August.

Support  3:                 7010.0, 50DMA.

Resistance 1:            7325.0. resistance on 4-hour chart.

Resistance 2:            7377.0, upper part of rising channel.

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