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Bitcoin Technical Analysis: BTC/USD at risk of falling below $9,000

  • After another weak trading day, Bitcoin is getting closer to the $9,000 mark.
  • BTC/USD is technically inside a daily downtrend.
  • Bitcoin is currently just below a long-term trendline formed in March.
Bitcoin Technical Analysis: BTC/USD at risk of falling below $9,000
Lorenzo StroeLorenzo StroeIndependent Analyst

Bitcoin is at risk of losing a crucial trendline formed all the way back in March. BTC/USD has another trendline support created on May 11. If the bulls fail to hold the long-term one, the short-term line will serve as the next support level. The overall trading volume continues dropping every day but the interest in Bitcoin seems to be rising judging by the number of new active addresses.

BTC/USD daily chart

BTCUSD

The current daily downtrend is clearly diminishing the strength of the bulls. The daily EMAs are lost and on the verge of a bear cross. The only hope for buyers now is to hold the long-term trendline formed three months ago, marked with blue on the chart. 

There is another trendline formed on May 11 from which BTC bounced back up on June 15. Other than that, there is some support at $8,637 and the absolute low of $8,105. There is a lot of resistance towards $10,000, both daily EMAs and $9,589.

BTC/USD technical levels

BTC/USD

Overview
Today last price9291.73
Today Daily Change-85.13
Today Daily Change %-0.91
Today daily open9376.86
 
Trends
Daily SMA209607.74
Daily SMA509372.66
Daily SMA1008038.38
Daily SMA2008229.58
 
Levels
Previous Daily High9480.16
Previous Daily Low9270.95
Previous Weekly High10007.88
Previous Weekly Low9072.17
Previous Monthly High10074.48
Previous Monthly Low8105.58
Daily Fibonacci 38.2%9350.86
Daily Fibonacci 61.8%9400.24
Daily Pivot Point S19271.82
Daily Pivot Point S29166.78
Daily Pivot Point S39062.61
Daily Pivot Point R19481.03
Daily Pivot Point R29585.2
Daily Pivot Point R39690.24

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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