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Bitcoin Price Analysis: BTC/USD vulnerabilities remain tilted to the downside

  • Bitcoin price is trading in positive territory, up 0.90% in the second half of the session. 
  • BTC/USD is at risk of a sizeable reversal if the week closes in the red. 
  • The price has been consolidating just below the breached long-running ascending trend line. 
Bitcoin Price Analysis: BTC/USD vulnerabilities remain tilted to the downside
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

The price is heading for a possible weekly closure below last week’s close, which could be punished following the evening star formation. 

                     

BTC/USD daily chart

A barrier of resistance is observed to the upside at $9600-700 range. Support should be noted at $9500 and then $9000. 

Spot rate:                 9,606.40

Relative change:      +0.90%

High:                         9770.67

Low:                          9579.06

Author

Ken Chigbo

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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