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Bitcoin technical analysis: BTC/USD breaching $8500 could prove to be very punishing

  • Bitcoin price is trading in negative territory, down some 0.50% in the second half of the session.
  • BTC/USD vulnerable to a fresh wave of selling pressure, with a critical near-term zone being tested.
  • The price is running towards its third consecutive session in the red.
Bitcoin technical analysis: BTC/USD breaching $8500 could prove to be very punishing
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

Critical weekly support to the downside is eyed back at the $7800 price territory.

BTC/USD daily chart

Should the bears breach $8500, it could prove to be very punishing.

Spot rate:                   8,582.61

Relative change:       0.60%

High:                          8,638.35

Low:                           8,574.81

BTC/USD

Overview
Today last price8528.45
Today Daily Change-103.50
Today Daily Change %-1.20
Today daily open8631.95
 
Trends
Daily SMA208993.61
Daily SMA508512.88
Daily SMA1009484.38
Daily SMA2009231.75
 
Levels
Previous Daily High8785.94
Previous Daily Low8558.73
Previous Weekly High9580.19
Previous Weekly Low8668.6
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%8645.53
Daily Fibonacci 61.8%8699.15
Daily Pivot Point S18531.81
Daily Pivot Point S28431.67
Daily Pivot Point S38304.6
Daily Pivot Point R18759.02
Daily Pivot Point R28886.08
Daily Pivot Point R38986.22

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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