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Bitcoin technical analysis: BTC/USD heading for full bull run reversal

  • Bitcoin price on Thursday is under heavy selling pressure, nursing steep losses of some 10%. 
  • BTC/USD has given back the advance seen on Wednesday and more. 
  • The next major area of safety is eyed back down at the psychological $10,000 mark. 
Bitcoin technical analysis: BTC/USD heading for full bull run reversal
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 11,670.04

Relative change:      -13.35%

High:                        13,353.04

Low:                         11,289.01

BTC/USD 60-minute chart

  • Bears set to test major support area of $10,500-10,000, if it fails to hold there could be a very fast further drop south. 

BTC/USD daily chart

  • Price pressures have been heavily to the downside, as the bulls failed to sustain the aggressive push north 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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