Bitcoin Price Analysis: BTC/USD chunky selling pressure shows no slow down, weekly chart looks worrying
|- Big selling continues into the late part of Wednesday, chunky momentum to the downside.
- Weekly support eyed at current price, $5500, further south, down to $4500.
The Bitcoin price continues to come under heavy selling pressure, in the late part of Wednesday’s session. A bulk of volume was the price crashed through $6000 to the downside, observing large selling pressure through this big psychological level.
BTC/USD had managed to form a bottom for this year around $5800-6000, which had proven to be somewhat sturdy. Many market experts and large players had called the bottom of the market, just some months ago.
Technically, viewing the weekly chart, given there isn’t too much to work with, this move lower is all unchartered territory, it looks worrying. A firm breach of weekly support which is eyed within $5500 area, could see a hard fall to $4500, another weekly support level. The price was last seen down here in weekly commencing 13th October 2017.
BTC/USD weekly chart
BTC/USD daily chart
- Price smashes out from a bearish penannt pattern, support gave way at former demand area around $6200-150 region.
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