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.

Ken Chigbo Independent Analyst

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.

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