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Bitcoin Price Analysis: BTC/USD daily candle presents a risk of reversal

  • Bitcoin price is trading in the red, down some 1.45% in the second half of the session. 
  • BTC/USD daily candle of Wednesday has formed a Doji, indicating a potential reversal.
  • The next major barrier of support is eyed down at the $8500 price mark. 
Bitcoin Price Analysis: BTC/USD daily candle presents a risk of reversal
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

Price action is extending to the upside and remains bullish via the weekly view, given the breakout of the bull flag pattern. 

BTC/USD daily chart

Sellers kicked in ahead of the psychological $9000 price territory, as the daily forms a potential reversal candlestick. 

Spot rate:                  8681.50

Relative change:      -1.45%

High:                         8848.81

Low:                          8580.85

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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