FX.co ★ Bitcoin gets rejected at resistance

In our previous BTCUSD analysis we noted that price still is trading inside the downward sloping wedge pattern and that price was soon to test a very important technical resistance. Price has been rejected at the resistance of the upper wedge boundary and is pulling back down again.

At $8,540 resistance is key. The upper wedge boundary is very important resistance. This rejection here could lead to a push back towards the lower wedge boundary. Support is found at $7,400-$7,200. Below this level we expect to see price with a 6 in front, if not lower. Price respecting resistance makes me expect more downside for BTCUSD.