Bitcoin Price Analysis: BTC/USD the next decisive move is in the works, big breakout or big rejection?
- Bitcoin price seen down just some 0.7% in the latter stages of trading on Friday, as it falters within supply zone.
- BTC/USD continues to respect a descending trend line, that has been running since the back-end of July.
The Bitcoin price traded throughout much of Friday’s session within the red, after coming under attack from the bears, selling the rallies seen late on Thursday. It has been a choppy week for the crypto market in general, with a lack of solid trend commitment.
BTC/USD has continued to respect a descending trend line that has been running since the back-end of July. On each occasion the price has come into contact with it, the sellers have piled in, driving the price further south.
Technically, the daily candle for BTC/USD has again tested the above-mentioned descending trend line, which has seen another rejection. In proximity to this resistance a supply area is tracking from the $6700 territory up to $6800. Should the bulls manage to push above both mentioned resistance areas, then a wave of new buyers could flock in, which could see the 4th September highs tested at $7400.
BTC/USD daily chart
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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.
