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Bitcoin Price Analysis: BTC/USD continues to make lower high and lower low waves

  • Bitcoin trades nearly 3% lower on Tuesday as sentiment remains weak.
  • 9,135.00 is the next key area of support identified on the chart.
Bitcoin Price Analysis: BTC/USD continues to make lower high and lower low waves
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD 4-Hour Chart

Bitcoin is having a tough time at present as sentiment fails to turn once again on Tuesday.

The 4-Hour chart continues to make lower low and lower highs.

This could suggest a new Elliott wave pattern might be starting to move lower. 

A confirmation of this would be the break of 9,280.00.

The way we can tell it has begun is by the first lower high testing the 76.4% retracement level.

Now that level has been respected the next lower low wave could hit 9,135.00.

Beyond that 8,466.00 is the next Fibonacci support. The day the pattern can be negated is if the 10,030.00 resistance is taken out.

Only then can we say the pattern is invalid and the bull trend could resume.

Bitcoin Fibonacci

Additional Levels

BTC/USD

Overview
Today last price9444.16
Today Daily Change-214.96
Today Daily Change %-2.23
Today daily open9659.12
 
Trends
Daily SMA209912.19
Daily SMA509173.18
Daily SMA1008259.77
Daily SMA2008855.43
 
Levels
Previous Daily High10027.5
Previous Daily Low9479.72
Previous Weekly High10307.33
Previous Weekly Low9309.77
Previous Monthly High9568.13
Previous Monthly Low6856.63
Daily Fibonacci 38.2%9688.97
Daily Fibonacci 61.8%9818.25
Daily Pivot Point S19416.73
Daily Pivot Point S29174.33
Daily Pivot Point S38868.95
Daily Pivot Point R19964.51
Daily Pivot Point R210269.89
Daily Pivot Point R310512.29

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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