Bitcoin technical analysis: BTC/USD making one step forward and two gigantic steps back


  • Bitcoin price narrows towards $10,300 support after recovery on Monday failed to make headway above $10,500.
  • Limiting immediate upward correction is the 50-day Simple Moving Average (SMA) at $10,433.

Spot rate: $10,296

Relative change: -7.229

High: $10,387.07

Low: $10,278.84

Trend: Bearish

BTC/USD Daily chart

Despite the lower correction following the rejection at $11,000, BTC/USD is still trading above the long-term bullish trendline.

The short-term analysis is bearish with the full stochastic oscillator sharply drop towards 50 after hitting highs of 86.364 in September.

BTC/USD 4-hour chart

Bitcoin buyers defend short-term ascending channel support. A breakout above the channel resistance could send BTC above $11,500.

$9,400-$9,200 is the major support zone after being tested three times in the last three months.

BTC/USD

Overview
Today last price 10309.21
Today Daily Change -1.43
Today Daily Change % -0.01
Today daily open 10310.64
 
Trends
Daily SMA20 10165.43
Daily SMA50 10418.56
Daily SMA100 10264.84
Daily SMA200 7796.62
Levels
Previous Daily High 10532.57
Previous Daily Low 10060.25
Previous Weekly High 10942.68
Previous Weekly Low 9541.38
Previous Monthly High 12325.08
Previous Monthly Low 9321.06
Daily Fibonacci 38.2% 10240.68
Daily Fibonacci 61.8% 10352.14
Daily Pivot Point S1 10069.74
Daily Pivot Point S2 9828.83
Daily Pivot Point S3 9597.42
Daily Pivot Point R1 10542.05
Daily Pivot Point R2 10773.47
Daily Pivot Point R3 11014.37

 

 

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