Ken Chigbo
Independent Analyst
- Death cross is still eyed on the daily time frame, 50 DMA edging closer to 200 DMA crossover.
- Strong resistance remains at $8,500-600 region, support tracking at $7,500.
The Bitcoin price is seen down marginally by 1%, after initially starting the session in the green. This comes after an asserted move higher on Sunday and Monday, in aid of recovery, from the heavy selling pressure seen over the last two weeks.
Given the decent sized pullback of over 20% in two days, this move may have run out of steam, as can sometimes be the case, when markets move drastically in a short space of time. The market is still yet to convincingly break out of the bearish trend. It appears bears are looking for potential rallies to then send BTC/USD lower again, which has been proven on several occasions.
BTC/USD is struggling with resistance within the $8,500-600 region. If the price manages to breakdown this area, next upside target would be the psychological $10,000 level. Support seen at the below trend line on the daily time frame, tracking around $7,500. Eyes should still be on the potential death cross, with the 50 DMA edging closer to a crossover of the 200 DMA.
BTC/USD daily chart
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