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.

Ken Chigbo Independent 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 price	8631.87
Today Daily Change	-89.03
Today Daily Change %	-1.02
Today daily open	8720.9

Trends
Daily SMA20	8172.88
Daily SMA50	7610.28
Daily SMA100	7954.6
Daily SMA200	9051.58

Levels
Previous Daily High	8771.23
Previous Daily Low	8451.99
Previous Weekly High	9010.95
Previous Weekly Low	7959.53
Previous Monthly High	7770.78
Previous Monthly Low	6432.05
Daily Fibonacci 38.2%	8649.28
Daily Fibonacci 61.8%	8573.94
Daily Pivot Point S1	8524.84
Daily Pivot Point S2	8328.79
Daily Pivot Point S3	8205.6
Daily Pivot Point R1	8844.09
Daily Pivot Point R2	8967.28
Daily Pivot Point R3	9163.34

Author

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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