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Bitcoin technical analysis: BTC/USD consolidation a potential sign ahead of further falling

  • Bitcoin price is trading in positive territory, up some 1.20% in the second half of the session. 
  • BTC/USD remains vulnerable to further downside pressure, as the price consolidates for now.
  • Critical daily support should be noted at $6800, failure to hold could make way for more selling. 
Bitcoin technical analysis: BTC/USD consolidation a potential sign ahead of further falling
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

The price is running towards its fourth consecutive week in the red, with a lack of slowdown signs. 

BTC/USD daily chart

The price could now likely have some issues being stuck between two critical areas, $7500 resistance and $6500 support.

Spot rate:                  7259.80

Relative change:       1.20%

High:                          7370.58

Low:                           7044.04

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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