Bitcoin Price Analysis: BTC/USD saved by vital demand zone, another test at near-term stubborn resistance in play

The Bitcoin price nursing very minor losses in the latter stages of trading on Tuesday, down some 0.5%.
BTC/USD slipped into a vital demand zone, with buying coming into play right away to keep the price propped up, preventing potential free-fall.
Bulls will be eyeing another retest of stubborn descending trend line, seen just ahead.

Ken Chigbo Independent Analyst

The Bitcoin price in the latter stages of trading on Tuesday was trading very marginally in the red, after a generally muted session. BTC/USD continues to demonstrate a lack of commitment with regards to trend.

BTC/USD has been dictated by a descending trend line, which was been running since 28^th September. The price has failed to break above this on each time it meets with the resistance, being sent back south.

In the late part of Tuesday’s session, the price came under some minor selling pressure, requiring some support to come to the rescue. A demand zone tracking from $6450-6475, came into play, which observed decent bidding to prop this price back up. This area was also of firm assistance during the selling pressure seen on 29^th September.

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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