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.

Ken Chigbo Independent Analyst

Spot rate: 10,627.56

Relative change: -2.15%

High: 10,859.91

Low: 10,356.45

BTC/USD

Overview
Today last price	10440.85
Today Daily Change	-416.46
Today Daily Change %	-3.84
Today daily open	10857.31

Trends
Daily SMA20	10739.16
Daily SMA50	10957.44
Daily SMA100	9540.09
Daily SMA200	6893.17

Levels
Previous Daily High	11439.76
Previous Daily Low	10746.53
Previous Weekly High	12325.08
Previous Weekly Low	10564.42
Previous Monthly High	13195.19
Previous Monthly Low	9080.79
Daily Fibonacci 38.2%	11011.34
Daily Fibonacci 61.8%	11174.94
Daily Pivot Point S1	10589.3
Daily Pivot Point S2	10321.3
Daily Pivot Point S3	9896.07
Daily Pivot Point R1	11282.53
Daily Pivot Point R2	11707.76
Daily Pivot Point R3	11975.76

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

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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