Bitcoin Technical Analysis: BTC/USD price action remains dictated by rising wedge pattern, bulls still have chance for upside, before another drop south
|- Bitcoin price is nursing minor losses on Thursday of 0.5%, as prices across the board remain muted.
- BTC/USD continues to trade within a rising wedge pattern, subject to an eventual breakout to the downside.
- Upside looks capped at $6850, with near-term downside support seen at $6725.
BTC/USD 30-minute chart
Spot rate: 6730.7
Relative change: -0.45%
High: 6788.8
Low: 6679.3
Trend: Bearish/Neutral
Support 1: 6725.0, ascending trend line.
Support 2: 6706.6, 100MA.
Support 3: 6592.4, (support on 30-minute chart).
Resistance 1: 6745.0, 50MA.
Resistance 2: 6783.6, (resistance on 30-minute chart).
Resistance 3: 6850, upper trend line of wedge pattern.
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