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Bitcoin technical analysis: BTC/USD could have a very fast fall down to $5000

  • Bitcoin price is trading in positive territory, up some 3.60% in the second half of the session. 
  • BTC/USD has aggressively been pushing to the downside since 27 October. 
  • The price remains at risk of falling to the next major demand area at $5000. 
Bitcoin technical analysis: BTC/USD could have a very fast fall down to $5000
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

The price is running towards its fourth consecutive week in the red. 

BTC/USD daily chart

Price action is moving within a critical demand zone, $7300-6900, a break could invite a fresh wave of selling. 

Spot rate:                  7156.42 

Relative change:       +3.60%

High:                          7276.19

Low:                           6,526.81

BTC/USD

Overview
Today last price7176.62
Today Daily Change268.89
Today Daily Change %3.89
Today daily open6907.73
 
Trends
Daily SMA208459.27
Daily SMA508432.81
Daily SMA1009147.99
Daily SMA2009344.04
 
Levels
Previous Daily High7344.35
Previous Daily Low6867.95
Previous Weekly High8633.09
Previous Weekly Low6787.81
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%7049.94
Daily Fibonacci 61.8%7162.37
Daily Pivot Point S16735.67
Daily Pivot Point S26563.61
Daily Pivot Point S36259.26
Daily Pivot Point R17212.07
Daily Pivot Point R27516.42
Daily Pivot Point R37688.48

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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