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Bitcoin technical analysis: BTC/USD another session in the range block risks further downside

  • Bitcoin price is trading marginally in the red, down some 0.20% in the second half of the session. 
  • BTC/USD continues to move within a narrowing range block formation vulnerable to downside risks. 
  • Upside remains limited and short-lived, rallied seen are quickly sold by the market bears. 
Bitcoin technical analysis: BTC/USD another session in the range block risks further downside
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

Bulls will need to smash out to the upside from the range block in order to change the current downside trend. 

BTC/USD 60-minute chart

 A heavy near-term barrier of supply can be observed around $8,300 preventing further moves north. 

Spot rate:                  8,215.20

Relative change:      -0.20%

High:                         8,237.83

Low:                          8,119.81

BTC/USD

Overview
Today last price8181.04
Today Daily Change-1.26
Today Daily Change %-0.02
Today daily open8182.3
 
Trends
Daily SMA208670.93
Daily SMA509596.27
Daily SMA10010190.9
Daily SMA2008562.82
 
Levels
Previous Daily High8344.2
Previous Daily Low8111.47
Previous Weekly High8532.46
Previous Weekly Low7706.37
Previous Monthly High10942.68
Previous Monthly Low7706.37
Daily Fibonacci 38.2%8200.37
Daily Fibonacci 61.8%8255.3
Daily Pivot Point S18081.11
Daily Pivot Point S27979.92
Daily Pivot Point S37848.37
Daily Pivot Point R18313.85
Daily Pivot Point R28445.39
Daily Pivot Point R38546.58

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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