• Bitcoin trades over 6% lower on Thursday as another round of selling kicks in.
  • There has been an uptick in volume during this sell-off too.

BTC/USD 4-hour chart

The trendline that begins from the low of 3858.00 back on 13th March is now being tested once again. The 4-hour chart below shows the price has tested the uptrend at least three times and now we could possibly see a break.

This move lower over the last couple of sessions has been backed by some decent volume giving us clues that it could be the real deal. In the way of the potential down move is the 200 simple moving average (SMA). The SMA often provides some support when tested as you can see in mid-April.

The Relative Strength Index indicator is also looking slightly oversold so there could be a small pullback before the underlying trend continues. But the main thing is the fact that the chart has made a lower high pattern and a move down looks more likely. 

In terms of potential targets, the area just above 8K looks strong and below that the purple 7.5K level could be the next target if the aforementioned 8K level breaks.

Bitcoin Sell off

Additional levels

BTC/USD

Overview
Today last price 8991.42
Today Daily Change -520.70
Today Daily Change % -5.47
Today daily open 9512.12
 
Trends
Daily SMA20 9288.47
Daily SMA50 8049.22
Daily SMA100 7988.15
Daily SMA200 8056.43
 
Levels
Previous Daily High 9839.44
Previous Daily Low 9296.03
Previous Weekly High 9944.79
Previous Weekly Low 8105.58
Previous Monthly High 9476.83
Previous Monthly Low 6156.67
Daily Fibonacci 38.2% 9503.61
Daily Fibonacci 61.8% 9631.86
Daily Pivot Point S1 9258.95
Daily Pivot Point S2 9005.78
Daily Pivot Point S3 8715.54
Daily Pivot Point R1 9802.36
Daily Pivot Point R2 10092.61
Daily Pivot Point R3 10345.77

 

 

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