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Bitcoin Price Analysis: BTC/USD at risk of pull back to $8000

  • Bitcoin price is trading in minor positive, up some 1.10% in the second half of the session. 
  • BTC/USD continues to consolidate underneath $9000 barrier and on top of critical support $8500. 
  • The price range is narrowing which is likely to lead to an explosive breakout. 
Bitcoin Price Analysis: BTC/USD at risk of pull back to $8000
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

Price action via the weekly chart view has remained generally bullish, running to the upside for five consecutive weeks. However weekly resistance should be noted at the $9000 mark. 

BTC/USD daily chart

Critical support at $8500 continues to be tested to the downside, as the price consolidates. Failure of the noted support would likely see a channel retest via the daily. 

Spot rate:                 8629.10

Relative change:      -1.05%

High:                         8791.32

Low:                          8602.36

BTC/USD

Overview
Today last price8631.87
Today Daily Change-89.03
Today Daily Change %-1.02
Today daily open8720.9
 
Trends
Daily SMA208172.88
Daily SMA507610.28
Daily SMA1007954.6
Daily SMA2009051.58
 
Levels
Previous Daily High8771.23
Previous Daily Low8451.99
Previous Weekly High9010.95
Previous Weekly Low7959.53
Previous Monthly High7770.78
Previous Monthly Low6432.05
Daily Fibonacci 38.2%8649.28
Daily Fibonacci 61.8%8573.94
Daily Pivot Point S18524.84
Daily Pivot Point S28328.79
Daily Pivot Point S38205.6
Daily Pivot Point R18844.09
Daily Pivot Point R28967.28
Daily Pivot Point R39163.34

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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