Bitcoin Technical Analysis: BTC/USD dooms day, bears rushing towards $5000
|- Bitcoin price slaughtered on Thursday, nursing losses over 7% in the second half of the session.
- BTC/USD bears extend their pressure to the downside, after a firm escape and close below pennant pattern.
- Bears are gunning for the next major psychological mark $5000, not much support seen prior.
BTC/USD daily chart
Spot rate: 5237.7
Relative change: -7.47%
High: 5642.74
Low: 5198.30
Trend: Bearish
Support 1: 5178.04, daily pivot point support.
Support 2: 4754.31, daily pivot point support.
Support 3: 4196.29, daily pivot point support.
Resistance 1: 6272.10, underneath breached pennant.
Resistance 2: 6381.28, 50DMA.
Resistance 3: 6484.43, 100DMA.
BTC/USD weekly chart
- Weekly chart looks very worrying, next major support should a further breakout occur, would be $4500.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.