Bitcoin technical analysis: BTC/USD momentum remains to the downside, $8000 insight

Bitcoin price is trading in negative territory, down some % in the second half of the session.
BTC/USD is firmly within the control of the bears, as the price continues to print lower highs.
Given the breach of $9000, the bears are hunting for a reversal of the jump from late October.

Ken Chigbo Independent Analyst

BTC/USD weekly chart

The price closed the week in the red and may be heading for another push to the downside, with $8000 insight.

BTC/USD daily chart

Daily price action remains tilted to the downside, next major support zone seen down at $8000-7800.

Spot rate: 8,993.28
Relative change: -3.25%
High: 9,068.25
Low: 8,693.18

BTC/USD

Overview
Today last price	8734.56
Today Daily Change	-297.82
Today Daily Change %	-3.30
Today daily open	9032.38

Trends
Daily SMA20	8844.84
Daily SMA50	8611.68
Daily SMA100	9562.5
Daily SMA200	9164.61

Levels
Previous Daily High	9137.8
Previous Daily Low	8747.37
Previous Weekly High	9580.19
Previous Weekly Low	8668.6
Previous Monthly High	10484.7
Previous Monthly Low	7300.54
Daily Fibonacci 38.2%	8988.65
Daily Fibonacci 61.8%	8896.51
Daily Pivot Point S1	8807.23
Daily Pivot Point S2	8582.09
Daily Pivot Point S3	8416.81
Daily Pivot Point R1	9197.66
Daily Pivot Point R2	9362.94
Daily Pivot Point R3	9588.09

Author

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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