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Bitcoin technical analysis: BTC/USD bears targeting $7000 territory return

  • Bitcoin price is trading in negative territory, down some 0.80% in the second half of the session. 
  • BTC/USD vulnerable to a fresh wave of selling pressure should daily support at $8400 be broken.
  • Price action is tiltied to the downside after a big fall through $9000 support.
Bitcoin technical analysis: BTC/USD bears targeting $7000 territory return
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

Next major critical weekly support to the downside is eyed back at the $7800 price territory. A descending channel structure can also be observed via the weekly view.

BTC/USD daily chart

The price is subject to losing the $8000 territory, as the bears maintain control. 

Spot rate:                   8,582.61

Relative change:       -0.80%

High:                          8,502.75

Low:                           8,411.01

BTC/USD

Overview
Today last price8415.09
Today Daily Change-85.48
Today Daily Change %-1.01
Today daily open8500.57
 
Trends
Daily SMA209037.82
Daily SMA508513.15
Daily SMA1009421.46
Daily SMA2009265.04
 
Levels
Previous Daily High8633.09
Previous Daily Low8374.39
Previous Weekly High9137.8
Previous Weekly Low8369.16
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%8534.27
Daily Fibonacci 61.8%8473.21
Daily Pivot Point S18372.27
Daily Pivot Point S28243.98
Daily Pivot Point S38113.57
Daily Pivot Point R18630.98
Daily Pivot Point R28761.39
Daily Pivot Point R38889.68

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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