Bitcoin Technical Analysis: BTC/USD bounced off a critical support line
05/16/2019, 04:46:14
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Spot rate: 5160.71 Relative change: +3.55% High: 5286.82 Low: 5060.74 BTC/USD 60-minute chart Price action via the 60-minute chart view is moving wit

  • Bitcoin price on Friday has managed to bounce higher after starting the session initially on the back foot, after heavy selling late Thursday. 
  • BTC/USD is sitting on a critical ascending trend line of support, a breach would be catastrophic, potentially bringing $4000 back into play. 
  • Near-term price action via the near-term via, 60-minute, appears vulnerable to further downside. 
  • Bitcoin price on Friday has managed to bounce higher after starting the session initially on the back foot, after heavy selling late Thursday. 
  • Bitcoin price on Friday has managed to bounce higher after starting the session initially on the back foot, after heavy selling late Thursday. 
  • BTC/USD is sitting on a critical ascending trend line of support, a breach would be catastrophic, potentially bringing $4000 back into play. 
  • BTC/USD is sitting on a critical ascending trend line of support, a breach would be catastrophic, potentially bringing $4000 back into play. 
  • Near-term price action via the near-term via, 60-minute, appears vulnerable to further downside. 
  • Near-term price action via the near-term via, 60-minute, appears vulnerable to further downside. 

     

    Spot rate:                5160.71

    Relative change:     +3.55%

    High:                       5286.82

    Low:                        5060.74

     

     

    BTC/USD 60-minute chart

    BTC/USD 60-minute chartBTC/USD 60-minute chart
    • Price action via the 60-minute chart view is moving within a bearish pennant structure. 
  • Price action via the 60-minute chart view is moving within a bearish pennant structure. 
  • Price action via the 60-minute chart view is moving within a bearish pennant structure. 

    BTC/USD daily chart

    BTC/USD daily chartBTC/USD daily chart
    • The price is sitting on a game-changing trend line of support, failure to hold could force a steep drop down to $4000. 
  • The price is sitting on a game-changing trend line of support, failure to hold could force a steep drop down to $4000. 
  • The price is sitting on a game-changing trend line of support, failure to hold could force a steep drop down to $4000.