Bitcoin Technical Analysis: Key rejection of an important intraday technical zone
|- Bitcoin has fallen 2.90% after rejecting a key intraday zone.
- The price bounced off the moving average and trendline.
BTC/USD Hourly Chart
BTC/USD has fallen back below 8K.
The price bounced back off the 55 hourly EMA and also rejected the trendline.
The good news for the bulls is that the price is still above the 200 EMA.
Interestingly, the RSI is in an oversold area so there could be some near term relief.
The next support zone is close to the 7,500 area but there was some brief support at 7,743.50.
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Additional Levels
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