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Bitcoin technical analysis: BTC/USD bears are heavily knocking on the door of $8000 to the downside

  • Bitcoin price is trading in negative territory, down some 1.50% in the second half of the session. 
  • BTC/USD vulnerable to a fresh wave of selling pressure should daily support at $8000 be broken.
  • Price action is largely tilted to the downside, as the sellers maintain control.
Bitcoin technical analysis: BTC/USD bears are heavily knocking on the door of $8000 to the downside
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

The bears are testing the psychological $8000 mark to the downside. Failing of this holding could see a fast fall down to $7300 and then $7000. 

BTC/USD 60-minute chart

An extended move to the downside came as the bears broke out of a bearish pennant structure via the 60-minute. 

Spot rate:                    8,074.86

Relative change:       -1.50%

High:                          8,196.38

Low:                           7,990.61

BTC/USD

Overview
Today last price8098.29
Today Daily Change-71.57
Today Daily Change %-0.88
Today daily open8169.86
 
Trends
Daily SMA208983.39
Daily SMA508515.37
Daily SMA1009383.44
Daily SMA2009280.1
 
Levels
Previous Daily High8502.75
Previous Daily Low8027.6
Previous Weekly High9137.8
Previous Weekly Low8369.16
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%8209.11
Daily Fibonacci 61.8%8321.24
Daily Pivot Point S17964.05
Daily Pivot Point S27758.25
Daily Pivot Point S37488.9
Daily Pivot Point R18439.21
Daily Pivot Point R28708.56
Daily Pivot Point R38914.36

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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