• 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.

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 price 7356.56
Today Daily Change 12.52
Today Daily Change % 0.17
Today daily open 7344.04
 
Trends
Daily SMA20 6453.45
Daily SMA50 7530.09
Daily SMA100 8150.04
Daily SMA200 8145
 
Levels
Previous Daily High 7370.93
Previous Daily Low 6773.84
Previous Weekly High 7254.75
Previous Weekly Low 5854.85
Previous Monthly High 9215.51
Previous Monthly Low 3886.49
Daily Fibonacci 38.2% 7142.84
Daily Fibonacci 61.8% 7001.93
Daily Pivot Point S1 6954.94
Daily Pivot Point S2 6565.84
Daily Pivot Point S3 6357.85
Daily Pivot Point R1 7552.04
Daily Pivot Point R2 7760.03
Daily Pivot Point R3 8149.13

 

 

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