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Bitcoin technical analysis: BTC/USD is testing critical $9500 to the downside

  • Bitcoin price is trading marginally in the red down some 1.10% in the second half of the session. 
  • BTC/USD bears firmly breached the psychological $10,000 mark, which has created further vulnerabilities to the downside. 
  • The next major level of support is seen at $9500, which is being tested by the bears. 
Bitcoin technical analysis: BTC/USD is testing critical $9500 to the downside
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

  • Buyers are heavily attempting to defend the $9500 area, following to breakdown of $10,000. 

BTC/USD 60-minute chart

  • A fresh wave of selling pressure has been triggered to the downside after a bearish pennant breach was seen via the 60-minute. 

Spot rate:                  9891.15

Relative change:      -1.30%

High:                         9776.78

Low:                          9560.61

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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