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Bitcoin Price Analysis: BTC/USD bearish weekly close spells more trouble

  • Bitcoin price is trading in negative territory, down 1.70% in the second half of the session. 
  • BTC/USD is moving within consolidation mode, ahead of further potential moves south. 
  • Critical daily support should be noted around the $9500 price area. 
Bitcoin Price Analysis: BTC/USD bearish weekly close spells more trouble
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

The price closed in the red last week, which has left the door open to further potential selling, following the evening star formation. 

 
                    

BTC/USD daily chart

Price action via the daily chart view has broken and retested a critical ascending trend line, rejection has been observed. 

Spot rate:                 9,806.10

Relative change:      -1.70%

High:                        10,027.49

Low:                          9591.27

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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