Bitcoin Technical Analysis: BTC/USD might be forming a base
|- It has been a volatile couple of days for the digital gold but now price is calming down.
- The area between 7,250 and 7,500 is a consolidation zone on the intraday chart.
BTC/USD Hourly Chart
The break on the lower timeframe could be very important for the longer-term direction of the pair.
The trendline on the chart has been broken a few times but there has been no conclusive break.
7K is still the major support level on the downside. But there looks like this is a base forming.
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BTC/USD Daily Chart
On the higher timeframe, a channel has formed.
The chart still looks very bearish and yesterday's candle rejected the highs.
The weekly range high of 7,868.08 might prove to be a tough resistance but that is the one to watch.
Bulls will be hoping the current wave low of 7,082.54 holds to make a higher low.
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Additional Levels
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