Bitcoin price analysis: BTC/USD price has broken an ascending wedge to the downside, as selling pressure returns
- Selling pressure returns to the crypto market, given soft sentiment.
- BTC/USD has broken out to the downside from an ascending wedge pattern.
The Bitcoin price is seen nursing losses of over 3% during trading on Thursday, as the market bears look at returning and resuming the downtrend seen. At the start of the week, the market had been a break from the downside pressure, however that may have been short-lived.
Sentiment has been some what soft for the past couple of weeks across the market, with news flow not helping the situation. It is key to note that many of the large players within the social media space, have taken measures to crackdown on cryptocurrencies ads, particularly ICOs.
BTC/USD had formed an ascending wedge seen on the 1-hour time frame, but this has been seen to have breached, making a move lower. The price is in proximity to test the 100MA on the 1-hour view, where potential support may be seen, $8,500, otherwise another drop below $8,000 would be possible.
BTC/USD 1-hour 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.
