Bitcoin Technical Analysis: BTC/USD fails to catch more momentum

Bitcoin trades 2.57% higher today after spiking earlier in the session.
The market failed to gather momentum ahead of 8K.

Rajan Dhall, MSTA FX Daily

BTC/USD 4-Hour Chart

The Bitcoin spike earlier failed to carry much momentum, unlike the good old days.

Now all that is left is a large upper shadow on the candlestick.

The volume has high enough but it seems at 7,775.00 there must have been sellers lying in wait to force the price down.

Looking at the chart now, we have still had a break out of the descending wedge formation.

This suggests that we could see more upside in the pair.

Additional Levels

BTC/USD

Overview
Today last price	7490.52
Today Daily Change	190.29
Today Daily Change %	2.61
Today daily open	7300.23

Trends
Daily SMA20	7722.62
Daily SMA50	8279.56
Daily SMA100	8882.26
Daily SMA200	9388.87

Levels
Previous Daily High	7412.2
Previous Daily Low	7241.5
Previous Weekly High	7868.08
Previous Weekly Low	6526.82
Previous Monthly High	9580.19
Previous Monthly Low	6526.82
Daily Fibonacci 38.2%	7306.71
Daily Fibonacci 61.8%	7346.99
Daily Pivot Point S1	7223.75
Daily Pivot Point S2	7147.27
Daily Pivot Point S3	7053.05
Daily Pivot Point R1	7394.46
Daily Pivot Point R2	7488.68
Daily Pivot Point R3	7565.16

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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