BTC/USD massively defies the odds and the textbook


  • Bitcoin price jumps around 2% higher on Thursday, after a decent surprise bounce late on Wednesday,
  • BTC/USD was moving within a bearish pennant, which appeared set up for another leg lower.
  • Bulls managed to escape the pennant and resistance, which at the time was seen at $6335.




BTC/USD 4-hour chart 


Spot rate:                   6463.7

Relative change:       +2.06%

High:                          6490.0

Low:                           6333.4


Trend:                        Bullish


Support 1:                  6405.0, 50MA.

Support  2:                 6325.5, on top of broken pennant. 

Support  3:                 6230.0, demand area.

Resistance 1:            6385.0, resistance on 4-hour chart.

Resistance 2:            6760.9, 100MA.

Resistance 3:            7100.0, underneath the broken ascending channel, which triggered sell-off.