Bitcoin price analysis: BTC/USD smashed through key near-term support
- Bitcoin is trading in the red, nursing losses of over 2%, as the sellers maintain control.
- Critical near-term support was breached, part of a narrowing range-block formation.
The Bitcoin price in the latter part of the session on Tuesday is nursing losses of just some 2% Price action had been moving within a narrowing range block formation until a breach south came into play.
BTC/USD was trading within tight conditions, downside at $8,250, with upside capped at $8,400. Given the fresh near-term wave of selling pressure through the support, it does leave the door open to a further bear attack.
Technically, via the 15-minute chart view, eyes should be on a retest of the breached block, the new acting resistance at $8,250. Should a rejection occur, then it could spell much punishment for Bitcoin and is $8,000 likely to face a retest.
BTC/USD 15-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.
