Bitcoin Price Analysis: BTC/USD bears continue destruction, price heavily within oversold territory

Bitcoin late Monday selling pressure intensifies through $5000.
BTC/USD price action moving within a steep channel to the downside.

Ken Chigbo Independent Analyst

The Bitcoin price remains heavily on the back foot in the latter stages of trading on Monday. Pressure to the downside picked up momentum, after the bears took out the big psychological $5000 mark.

BTC/USD price action is moving within a steep channel to the downside. Looking at the RSI via the 60-minute chart view, it is very much in over sold territory. In an area that should see a bounce and some form of stabilization.

This deep push south from the heights at the back-end of last year-start of this year, is all unchartered territory. BTC/USD has not gone through such moves as being observed. The next major area of support is $4500, further south would see the round $4000 come into play.

BTC/USD 60-minute chart

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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