BTC/USD technical analysis: Bulls stopped in their tracks just ahead of 8,350
|- It was all going so well as BTC/USD broke into positive territory for the session earlier.
- There is a key resistance on the four-hour charts that stopped the bulls from reaching higher levels.
The Bitcoin bulls seemed to be in control today as earlier on BTC/USD traded higher after rejecting lower levels on Sunday.
Now the psychological 8K level will come back into focus as the four-hour shooting star candle could indicate some further pain for Bitcoin.
It is interesting how the volume profile indicator (right-hand side) peak keeps acting like a price magnet. Although, in consolidation phases, this is often the case.
If BTC/USD makes a higher low and take out the 8,252 level it would be a bullish sign and that idea could still play out.
In the short term, we will need to see how much lower the price can go after rejecting 8,252 to the upside.
The trendline break was also a nice bullish move and hopefully hold as price moves lower toward 8k. For now we are looking to see where the price might find support.
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.