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Bitcoin technical analysis: BTC/USD critical demand area being tested to the downside at $9000

  • Bitcoin price in the session on Thursday is trading with losses of some 3.15%.
  • BTC/USD price action is testing a critical demand zone to downside to the downside.
  • The psychological $9000 mark is at present being defended by buyers, a critical demand area.
Bitcoin technical analysis: BTC/USD critical demand area being tested to the downside at $9000
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  9,420.25

Relative change:      -3.10%

High:                         9,716.85

Low:                          9,321.06

BTC/USD daily chart

  • Price action is testing critical demand area to the downside at the $9000 territory.

BTC/USD 60-minute chart

  • The price smashed out to the downside of a bearish pennant structure, opening the door to a stronger wave of pressure.

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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