Bitcoin Technical Analysis and Support/Resistance Levels for 06/23/2016

In my previous Bitcoin technical analysis article I explained some of the important technical levels and pointed out a candle formation that was signaling that the market was overbought, however, I honestly was not expecting the massive drop that started two days later, on the 20th. The $720 pivot level, which I outlined in my previous article, is very much still relevant. In fact, the range between $715 & $720 is now a giant pivot zone, as the $715 area acted as resistance on the 21st.

The $668 level has been invalided as price has traded through this area multiple times now, so I would not consider it very important, but the $680 level has established itself over the last 2-3 days; once as support; twice as resistance yesterday. The 30-minute chart also shows $630 having technical importance, so mark this pivot on your charts as well.

During the final leg of yesterday's selling, the market found support between $550-$560, which happens to be another important technical level that goes to back to end of May, when this area was first used as resistance. The $560 area also acted as support on June 7th, and this area also acted as support today. This range is now another major pivot zone that needs to be marked on every Bitcoin trader's charts.

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Charts source: OKCoin