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Bitcoin Technical Analysis: BTC/USD subject to downside risks

  • Bitcoin price nursing losses of around 2% in the second half of the session on Monday. 
  • BTC/USD is moving within a narrowing range block formation, subject to a potential breakout to the downside.
Bitcoin Technical Analysis: BTC/USD subject to downside risks
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 3716.60 

Relative change:      -2.01%

High:                         3804.72

Low:                          3672.33

Trend:                        Bearish

Trends:
    Daily SMA20: 3759.18
    Daily SMA50: 3619.45
    Daily SMA100: 3722.48
    Daily SMA200: 5085.35
Levels:
    Previous Daily High: 3818.37
    Previous Daily Low: 3764.23
    Previous Weekly High: 4187.25
    Previous Weekly Low: 3659.1
    Previous Monthly High: 4187.25
    Previous Monthly Low: 3338.98
    Daily Fibonacci 38.2%: 3784.91
    Daily Fibonacci 61.8%: 3797.69
    Daily Pivot Point S1: 3761.72
    Daily Pivot Point S2: 3735.9
    Daily Pivot Point S3: 3707.58
    Daily Pivot Point R1: 3815.86
    Daily Pivot Point R2: 3844.18
    Daily Pivot Point R3: 3870

BTC/USD 60-minute chart

  • Big near-term buying area observed between $3650-3700 price range. 

BTC/USD daily chart

  • Price action moving within a narrowing daily range block formation, subject to a potential breakout to the downside.

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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