Bitcoin technical analysis: BTC/USD next move could be harsh

Bitcoin price on Tuesday is nursing losses of 2.5% in the second part of the day.
BTC/USD is stuck within consolidation mode, a narrowing block formation seen over the last eight sessions.
Critical near-term support is eyed at $7500, failure to hold could be devastating.

Ken Chigbo Independent Analyst

Spot rate: 7818.50

Relative change: -2.55%

High: 8055.26

Low: 7740.29

BTC/USD 60-minute chart

BTC/USD smashes out to the downside from a near-term range-block, a critical ascending trend line can be seen supporting the price.

BCH/USD daily chart

Price action via the daily chart view is stuck moving within consolidation mode, moving within a narrowing range-block.

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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