Bitcoin price analysis: BTC/USD rejected by the powerful long-running trend line, $8,400 resistance send Bitcoin back south

Bitcoin down 4.5% on Monday, as the price is rejected by a strong trend line at $8,400.
Next support to the downside is seen at $6,700, potentially erasing last week’s gains.

Ken Chigbo Independent Analyst

The Bitcoin price is seen down around 4.5% during trading on Monday, after running into resistance during the early part of the session, at $8,400. Moving in lock-step with the cooling in prices across the board for the major altcoins.

Last week Bitcoin had a very strong run of gains, seeing BTC/USD advance by around 25%, rising from lows of $6,600, up to highs of $8,450, before being stopped by a strong touted area of resistance. The bears have not wasted time in moving in to sell the rallies seen.

BTC/USD has hit resistance during the session, which was seen at the trend line that had previously been supporting the price, running from September 2017. The price was rejected again, as this trend line now proves to act as a strong barrier. Next downside support is not seen until $6,700, which would see much of the gains erased of last week.

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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