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Bitcoin technical analysis: BTC/USD price subject to a $9000 return

  • Bitcoin price in the session on Wednesday is trading in negative territory by some 2.15%.
  • BTC/USD momentum remains tilted to the downside, dropping for the past three consecutive sessions. 
  • The $10,000 price mark is losing much ground, with eyes on a potential return down to $9000. 
Bitcoin technical analysis: BTC/USD price subject to a $9000 return
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 10,627.56

Relative change:      -2.15%

High:                         10,859.91

Low:                          10,356.45

BTC/USD

Overview
Today last price10440.85
Today Daily Change-416.46
Today Daily Change %-3.84
Today daily open10857.31
 
Trends
Daily SMA2010739.16
Daily SMA5010957.44
Daily SMA1009540.09
Daily SMA2006893.17
Levels
Previous Daily High11439.76
Previous Daily Low10746.53
Previous Weekly High12325.08
Previous Weekly Low10564.42
Previous Monthly High13195.19
Previous Monthly Low9080.79
Daily Fibonacci 38.2%11011.34
Daily Fibonacci 61.8%11174.94
Daily Pivot Point S110589.3
Daily Pivot Point S210321.3
Daily Pivot Point S39896.07
Daily Pivot Point R111282.53
Daily Pivot Point R211707.76
Daily Pivot Point R311975.76

BTC/USD daily chart

  • Pressure remains very much to the south, as the price has been falling for the past three sessions in a row. $12,000 rejection last week was the entry for the bears.  The next major area of demand can be observed at $10,00-9000 range. 

BTC/USD 4-hour chart

  • Price action smashed out from a bearish pennant structure, allowing BTC further room to drop.

Author

Ken Chigbo

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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