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. 

 

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. 

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.