Bitcoin Price Analysis: BTC/USD just dumped another $300+
- Over the last four sessions, Bitcoin fell as much as 15% as sentiment turns.
- The digital gold found support at 8,500 but the losses might not be over just yet.
BTC/USD 10-min chart
The price has been very choppy today as the chart below shows. There has been a pullback, but as soon as the price hit 9182.66, the market turned and fell in two stages.
The 8500.00 level provided the market with some support even though the price dipped through. It seems like some participants are banking some profits as BTC heads toward the halving event on Monday.
On the higher timeframes, there is no doubt the market is still in an uptrend. The 10K level just seemed like too much of a mountain to climb for now.
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BTC/USD 4-hour chart
On the 4-hour timeframe below it can be seen that the BTC/USD pair stopped exactly at the trendline. This support zone is still vulnerable so let's see how the market closed at the end of the day (Monday) to confirm if there is a technical break to the downside.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
