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Bitcoin Technical Analysis: BTC/USD may have to return to $3000 territory if $5000 fails to hold

  • Bitcoin price on Thursday took a beating, nursing steep losses of some 4.3% in the second half of the day.
  • BTC/USD is at a threat of losing the $5000 price mark, given the current downside momentum. 
  • If the psychological $5000 loses ground then BTC/USD could soon be back down within the $3000 price region. 
Bitcoin Technical Analysis: BTC/USD may have to return to $3000 territory if $5000 fails to hold
Ken ChigboKen ChigboIndependent Analyst

BTC/USD

Overview
Today last price5061.62
Today Daily Change-258.73
Today Daily Change %-4.86
Today daily open5320.35
 
Trends
Daily SMA204503.95
Daily SMA504129.35
Daily SMA1003871.79
Daily SMA2004636.27
Levels
Previous Daily High5468.54
Previous Daily Low5164.26
Previous Weekly High5347.55
Previous Weekly Low4052.2
Previous Monthly High4130.71
Previous Monthly Low3672.34
Daily Fibonacci 38.2%5352.31
Daily Fibonacci 61.8%5280.49
Daily Pivot Point S15166.89
Daily Pivot Point S25013.43
Daily Pivot Point S34862.6
Daily Pivot Point R15471.17
Daily Pivot Point R25622
Daily Pivot Point R35775.46

Spot rate:                  5058.28

Relative change:      -4.35%

High:                         5342.39

Low:                          4969.03

BTC/USD 60-minute chart

  • Bears broke a key near-term supporting ascending trend line which added to some downside pressure. 

BTC/USD daily chart

  • Failed to breakdown the supply area which tracks from $5100-5300 price range, ahead of the $5500 price mark. 

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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