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.

Ken Chigbo Independent 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 price	7176.62
Today Daily Change	268.89
Today Daily Change %	3.89
Today daily open	6907.73

Trends
Daily SMA20	8459.27
Daily SMA50	8432.81
Daily SMA100	9147.99
Daily SMA200	9344.04

Levels
Previous Daily High	7344.35
Previous Daily Low	6867.95
Previous Weekly High	8633.09
Previous Weekly Low	6787.81
Previous Monthly High	10484.7
Previous Monthly Low	7300.54
Daily Fibonacci 38.2%	7049.94
Daily Fibonacci 61.8%	7162.37
Daily Pivot Point S1	6735.67
Daily Pivot Point S2	6563.61
Daily Pivot Point S3	6259.26
Daily Pivot Point R1	7212.07
Daily Pivot Point R2	7516.42
Daily Pivot Point R3	7688.48

Author

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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BTC/USD weekly chart

BTC/USD daily chart

BTC/USD

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