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Bitcoin Technical Analysis: BTC/USD might be forming a base

  • It has been a volatile couple of days for the digital gold but now price is calming down.
  • The area between 7,250 and 7,500 is a consolidation zone on the intraday chart.
Bitcoin Technical Analysis: BTC/USD might be forming a base
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD Hourly Chart

The break on the lower timeframe could be very important for the longer-term direction of the pair.

The trendline on the chart has been broken a few times but there has been no conclusive break.

7K is still the major support level on the downside. But there looks like this is a base forming.

Bitcoin Hourly Chart

BTC/USD Daily Chart

On the higher timeframe, a channel has formed.

The chart still looks very bearish and yesterday's candle rejected the highs.

The weekly range high of 7,868.08 might prove to be a tough resistance but that is the one to watch.

Bulls will be hoping the current wave low of 7,082.54 holds to make a higher low.

Bitcoin Daily Chart

Additional Levels

BTC/USD

Overview
Today last price7365.06
Today Daily Change168.65
Today Daily Change %2.34
Today daily open7196.41
 
Trends
Daily SMA207644.51
Daily SMA508257.34
Daily SMA1008850.15
Daily SMA2009384.9
 
Levels
Previous Daily High7770.78
Previous Daily Low7082.55
Previous Weekly High7868.08
Previous Weekly Low6526.82
Previous Monthly High9580.19
Previous Monthly Low6526.82
Daily Fibonacci 38.2%7345.45
Daily Fibonacci 61.8%7507.88
Daily Pivot Point S16929.05
Daily Pivot Point S26661.68
Daily Pivot Point S36240.81
Daily Pivot Point R17617.28
Daily Pivot Point R28038.15
Daily Pivot Point R38305.51

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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