- Bitcoin confinement in a descending channel spells doom for the bulls as target shifts to $7,000.
- BTC/USD is still seeking a bottom; a reversal from the bottom could easily climb to $14,000.
Spot rate: $8,743
Relative change: -67
Percentage change: -0.77%
BTC/USD daily chart
Bitcoin is lethargic above $8,700 but $9,000 must be broken for bulls to have a clear path of sight leading to $10,000.
The descending channel resistance has been tested numerously. A break above this channel could finally place Bitcoin in trajectory towards $14,000.
BTC/USD 4-hour chart
The RSI suggests that Bitcoin is yet to find a bottom. A drop into the oversold could be a cause for the next reversal above $9,000.
Apart from the trendline support Bitcoin fill seek refuge at $8,500, $8,400 and $8,000.
BTC/USD 1-hour chart
Bitcoin selling pressure continues to hinder BTC reversal below the descending trendline resistance.
The MACD bullish cross signifies increasing bullish influence in the near-term but no rapid movements expected.
|Today last price||8741.87|
|Today Daily Change||-69.77|
|Today Daily Change %||-0.79|
|Today daily open||8811.64|
|Previous Daily High||8867.69|
|Previous Daily Low||8558.09|
|Previous Weekly High||9580.19|
|Previous Weekly Low||8668.6|
|Previous Monthly High||10484.7|
|Previous Monthly Low||7300.54|
|Daily Fibonacci 38.2%||8749.43|
|Daily Fibonacci 61.8%||8676.36|
|Daily Pivot Point S1||8623.92|
|Daily Pivot Point S2||8436.21|
|Daily Pivot Point S3||8314.32|
|Daily Pivot Point R1||8933.52|
|Daily Pivot Point R2||9055.41|
|Daily Pivot Point R3||9243.12|
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