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Bitcoin technical analysis: BTC/USD using $9000 as a cushion, potential for new bottom area

  • Bitcoin price on Tuesday is trading in the red, nursing losses of around 2.15%.
  • BTC/USD price action is trading very close to a key near-term ascending trend line. 
  • The price is now using the $9000 area as a new potential cushion of support. 
Bitcoin technical analysis: BTC/USD using $9000 as a cushion, potential for new bottom area
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 9124.73

Relative change:      -2.15%

High:                         9358.44

Low:                          9030.80

BTC/USD 60-minute chart

  • A near-term ascending trend line providing required comfort for the bulls. 

BTC/USD daily chart

  • Price action via the daily is now using $9000 as a new bottom area, after breaching above. 

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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