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Bitcoin Technical Analysis: BTC/USD looks like it could break lower again

  • There has been a fresh wave of selling in BTC/USD today.
  • There was some volume kicking in on the sell-side as the hourly trendline broke.
Bitcoin Technical Analysis: BTC/USD looks like it could break lower again
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD Hourly Chart

Looking at the 1-hour BTC/USD chart below you can see the trendline has broken and been retested. 

Overall this is a rejection pattern and could indicate that the price is heading lower.

Now 7,428.50 is the low that needs to be taken out for the bears to assert their dominance.

The volume pressure looks clearly like the sell-side are winning the battle at present.

On the topside the main resistance holds at 7,933.40 and we are pretty far from there at present.

Bitcoin technical analysis

Additional Levels

BTC/USD

Overview
Today last price7426.57
Today Daily Change-95.13
Today Daily Change % -1.26
Today daily open7521.7
 
Trends
Daily SMA207453.27
Daily SMA508200.62
Daily SMA1008741.52
Daily SMA2009381.18
 
Levels
Previous Daily High7576.77
Previous Daily Low7390.42
Previous Weekly High7770.78
Previous Weekly Low7082.55
Previous Monthly High9580.19
Previous Monthly Low6526.82
Daily Fibonacci 38.2%7505.58
Daily Fibonacci 61.8%7461.61
Daily Pivot Point S17415.83
Daily Pivot Point S27309.95
Daily Pivot Point S37229.48
Daily Pivot Point R17602.17
Daily Pivot Point R27682.64
Daily Pivot Point R37788.52

Author

Rajan Dhall, MSTA

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

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