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Bitcoin Price Analysis: There are some decisions to be made now as price is in a critical zone

  • Bitcoin is slightly higher on the session and the price is in the middle of a previous consolidation point. 
  • The price is in the middle of two key areas and the price just below 8K is important.
Bitcoin Price Analysis: There are some decisions to be made now as price is in a critical zone
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD daily chart

Technically on this daily chart Bitcoin is still in a downtrend. There is not been a new higher low wave but sometimes the price does move in straight lines in the cryptosphere. On the lower timeframes (4-hr) the waves are more prominent but historically and even looking at the chart below before a change in trend a nice ABC pattern does form. Looking at the chart in more detail now the 55 daily exponential moving average has been taken out. The 200 simple moving average is very close to the 8K zone but the main area of resistance is 7871.60. 

It is at that level the price held in the past around October last year and also again the level was used as resistance in the consolidation period between November 2019 and January 2020. Now it seems the price has broken back within that distribution and the top could be tested again. If the price does pull back the red 6,769.84 zone is the main support.

Bitcoin reaching for 8K

Additional levels

BTC/USD

Overview
Today last price7356.56
Today Daily Change12.52
Today Daily Change %0.17
Today daily open7344.04
 
Trends
Daily SMA206453.45
Daily SMA507530.09
Daily SMA1008150.04
Daily SMA2008145
 
Levels
Previous Daily High7370.93
Previous Daily Low6773.84
Previous Weekly High7254.75
Previous Weekly Low5854.85
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%7142.84
Daily Fibonacci 61.8%7001.93
Daily Pivot Point S16954.94
Daily Pivot Point S26565.84
Daily Pivot Point S36357.85
Daily Pivot Point R17552.04
Daily Pivot Point R27760.03
Daily Pivot Point R38149.13

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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