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.

Rajan Dhall, MSTA FX 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.

Additional levels

BTC/USD

Overview
Today last price	8853.22
Today Daily Change	62.56
Today Daily Change %	0.71
Today daily open	8790.66

Trends
Daily SMA20	7249.78
Daily SMA50	6704.11
Daily SMA100	7981.83
Daily SMA200	7967.54

Levels
Previous Daily High	8978.23
Previous Daily Low	7721.44
Previous Weekly High	7765.01
Previous Weekly Low	6754.64
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	8498.13
Daily Fibonacci 61.8%	8201.53
Daily Pivot Point S1	8015.32
Daily Pivot Point S2	7239.98
Daily Pivot Point S3	6758.53
Daily Pivot Point R1	9272.11
Daily Pivot Point R2	9753.57
Daily Pivot Point R3	10528.91

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.

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Bitcoin Price Analysis: BTC rejects technical level and breaks down