Bitcoin Technical Analysis: BTC/USD critical trend line broken and heading for a retest

Bitcoin price on Wednesday in the second part of the session is holding gains of some 1.25%.
BTC/USD price action has broken out from a key daily ascending trend line and is heading for a retest.
Should the price retest and fail to break back above, sellers could pile in.

Ken Chigbo Independent Analyst

Spot rate: 7778.94

Relative change: +1.25%

High: 7890.01

Low: 7670.58

BTC/USD

Overview
Today last price	7778.06
Today Daily Change	107.29
Today Daily Change %	1.40
Today daily open	7670.77

Trends
Daily SMA20	8150.55
Daily SMA50	6759.16
Daily SMA100	5501.9
Daily SMA200	4680.82

Levels
Previous Daily High	8109.72
Previous Daily Low	7437.33
Previous Weekly High	9090.94
Previous Weekly Low	7889.67
Previous Monthly High	9090.94
Previous Monthly Low	5266.72
Daily Fibonacci 38.2%	7694.18
Daily Fibonacci 61.8%	7852.87
Daily Pivot Point S1	7368.83
Daily Pivot Point S2	7066.88
Daily Pivot Point S3	6696.43
Daily Pivot Point R1	8041.22
Daily Pivot Point R2	8411.67
Daily Pivot Point R3	8713.62

BTC/USD 60-minute chart

Near-term price action has smashed out to the downside from a supporting ascending trend line, inviting a wave of selling pressure.

BTC/USD daily chart

The daily has breached a longer running trend line of support, eyes are on the retest underneath.

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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