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Bitcoin Price Analysis: Is this just a small blip?

  • Bitcoin is trading 2.6% lower on Friday as sentiment is still weak.
  • There is a key level to watch on the chart below. 
Bitcoin Price Analysis: Is this just a small blip?
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD 4-Hour Chart

Bitcoin is moving lower on Friday but it has found some short term support.

The BTC/USD found support at the 2.00 Fib extension level close to 8,500.

On the topside, the area to watch for resistance is marked in red.

This red zone has been used as support and resistance in the past and if broken could indicate the move lower was just a blip.

If the price bounces off there and moves down, this could indicate we are in the 3rd wave of an Elliott structure and more pain is to come.

If this ends up being the case the 2.618% Fib extension level could be the target for the bears.

Lastly, if you monitor the volume, you can see the sell candles have much more participants. This is also a signal the bears are in control.

Bitcoin Elliott Wave

Additional Levels

BTC/USD

Overview
Today last price8637.22
Today Daily Change-175.10
Today Daily Change %-1.99
Today daily open8812.32
 
Trends
Daily SMA209798.12
Daily SMA509231.83
Daily SMA1008280.82
Daily SMA2008812.87
 
Levels
Previous Daily High8972.02
Previous Daily Low8519.64
Previous Weekly High10307.33
Previous Weekly Low9309.77
Previous Monthly High9568.13
Previous Monthly Low6856.63
Daily Fibonacci 38.2%8799.21
Daily Fibonacci 61.8%8692.45
Daily Pivot Point S18563.96
Daily Pivot Point S28315.61
Daily Pivot Point S38111.58
Daily Pivot Point R19016.35
Daily Pivot Point R29220.38
Daily Pivot Point R39468.73

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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