Bitcoin technical analysis: BTC/USD sellers chop off gains risking a return to $8,000


  • Bitcoin short-term bearish signal getting stronger as the cryptocurrency market retraces.
  • The MACD in the daily range remains positive suggesting bulls would soon recommence the uptrend towards $9,000.

Trend: Short-term bearish

Volatility: High

Relative change: -207

Percentage change: 2.48%

BTC/USD daily chart

Bitcoin is trading within the apex of a falling wedge pattern, in turn, hinting a breakout in the near-term.

The price is still below the 50-day Simple Moving Average (SMA) which upside correction will continue to be suppressed.

BTC/USD 240-minutes chart

Bitcoin makes a comeback in the wide range between $8,500 and $7,700.

The 50 SMA stays in line to offer support above $8,000.

The Moving Average Convergence Divergence (MACD) suggests that Bitcoin bulls have the energy to keep the price above $,000.

BTC/USD hourly chart

Bitcoin defends ascending channel support following the false breakout above $8,800 on Friday.

The short-term trend remains bearish bias as the MACD dives under the zero line.

BTC/USD

Overview
Today last price 8396.2
Today Daily Change -190.37
Today Daily Change % -2.22
Today daily open 8586.57
 
Trends
Daily SMA20 8507.63
Daily SMA50 9521.84
Daily SMA100 10148.57
Daily SMA200 8608.86
 
Levels
Previous Daily High 8658.54
Previous Daily Low 8455.95
Previous Weekly High 8532.46
Previous Weekly Low 7706.37
Previous Monthly High 10942.68
Previous Monthly Low 7706.37
Daily Fibonacci 38.2% 8533.34
Daily Fibonacci 61.8% 8581.15
Daily Pivot Point S1 8475.5
Daily Pivot Point S2 8364.43
Daily Pivot Point S3 8272.9
Daily Pivot Point R1 8678.09
Daily Pivot Point R2 8769.61
Daily Pivot Point R3 8880.68

 

 

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