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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 Friday is trading with minor gains of some 0.80%.
  • The price has been falling for the past three consecutive sessions.
  • BTC/USD price action is moving within a critical demand area, running from $9500 - 10,000.
  • The psychological $9000 mark is at present being defended by buyers. Failure to hold could see the price quickly returning down to the next major area of support $7500.
Bitcoin technical analysis: BTC/USD critical demand area being tested to the downside at $9000
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  9,569.31

Relative change:      +0.50%

High:                         9,267.87

Low:                          9,344.91

BTC/USD daily chart

  • Price action is testing critical demand area to the downside at the  range of $9500 - 9000.

BTC/USD 60-minute chart

  • The price is being capped to the upside by $9,500, which was breached on Thursday.

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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