• Bitcoin is trading 0.55% lower on Thursday but there seems to be no conviction.
  • The price has made a chart pattern at the moment there could be a break either way.

BTC/USD 4-hour chart

Bitcoin is trading 0.55% lower on Thursday and the market is strangely quiet. The candles are worryingly small and this can happen before an explosive move. On the chart below the 7K level seems to be the stumbling block for the bulls. It has been tested a couple of times now and whenever the bulls get close the price sells off again. 

On the plus side the price is above the 55 EMA, this is normally a bullish sign. There is also the red support trendline in place but if it breaks it could indicate more bearishness is to come. The RSI indicator is above the 50 mid-line which is also bullish but it is sloping down so there is a chance of a break here. The crypto market can be very volatile and fast at times so keep a close eye on a break of this ascending triangle pattern.

Bitcoin price pattern

Additional levels

BTC/USD

Overview
Today last price 6650.57
Today Daily Change -40.81
Today Daily Change % -0.61
Today daily open 6691.38
 
Trends
Daily SMA20 6548.27
Daily SMA50 8347.35
Daily SMA100 8221.1
Daily SMA200 8368.83
 
Levels
Previous Daily High 6983.8
Previous Daily Low 6469.18
Previous Weekly High 6951.22
Previous Weekly Low 4437.02
Previous Monthly High 10511.86
Previous Monthly Low 8431.17
Daily Fibonacci 38.2% 6665.76
Daily Fibonacci 61.8% 6787.21
Daily Pivot Point S1 6445.77
Daily Pivot Point S2 6200.16
Daily Pivot Point S3 5931.15
Daily Pivot Point R1 6960.39
Daily Pivot Point R2 7229.4
Daily Pivot Point R3 7475.01

 

 

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