Bitcoin price analysis: BTC/USD near-term recovery vulnerable
- Bitcoin on Monday is trading up 2.60% in the second half of the session.
- BTC/USD price action managed to stabilise, after bottoming down at $7500 recently.
The Bitcoin price late in the session on Monday is trading up some 2.60%, as the price managed to stabilize within the $7500 within recent sessions. It came following such a beating that was received last week, as the bears had firm control.
BTC/USD dropped it most seen in one week since November 2018, as the price lost much ground, having fallen to the lowest levels since June.
Price action via the 60-minute appears subject to a pullback. The last hourly candlestick has produced a bearish evening star formation, which could be followed up by some additional selling, as the bulls lose momentum, next 60-minute and psychological support appears to be back down at $8000.
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.
