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Bitcoin Price Analysis: BTC rejects technical level and breaks down

  • Bitcoin pulled back from a long term trendline.
  • BTC/USD has just turned positive after trading lower for most of the session.
Bitcoin Price Analysis: BTC rejects technical level and breaks down
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD daily chart

Bitcoin had a massive Wednesday jumping over 13%. On Thursday, the market moved higher earlier in the session but since it dropped lower to hit a session low of 8,407.00. Now the price is trading just above flat and the bulls could be taking control again.

The price stopped at a key technical level. Looking at the chart the black trendline had been rejected and the price also stopped at the blue horizontal line at 9,152.00. Although it is not on the chart the price line is also close to the 50% Fibonacci level.

Now it is up to the bulls and bears to fight it out for dominance over this market. The bulls have the longer-term control as the market continues to make higher lows and higher highs. But this level does seem strong and it may take some decent volume to crack it.

Bitcoin hits technical resistance

Additional levels

BTC/USD

Overview
Today last price8853.22
Today Daily Change62.56
Today Daily Change %0.71
Today daily open8790.66
 
Trends
Daily SMA207249.78
Daily SMA506704.11
Daily SMA1007981.83
Daily SMA2007967.54
 
Levels
Previous Daily High8978.23
Previous Daily Low7721.44
Previous Weekly High7765.01
Previous Weekly Low6754.64
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%8498.13
Daily Fibonacci 61.8%8201.53
Daily Pivot Point S18015.32
Daily Pivot Point S27239.98
Daily Pivot Point S36758.53
Daily Pivot Point R19272.11
Daily Pivot Point R29753.57
Daily Pivot Point R310528.91

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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