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Bitcoin technical analysis: BTC/USD vulnerable to fresh wave of selling

  • Bitcoin price is trading in positive territory, up some 1.30% in the second half of the session. 
  • BTC/USD vulnerable to a fresh wave of selling pressure, as key support is being breached.
  • Next major support to the downside would be back within the $7000 price territory. 
Bitcoin technical analysis: BTC/USD vulnerable to fresh wave of selling
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

The bears will be pushing for a retest of the next major weekly support zone at $7800. 

BTC/USD daily chart

Daily price acting is breaking down critical near-term support seen at $8700. 

Spot rate:                   8,993.28

Relative change:       -1.40%

High:                          8,785.94

Low:                           8,558.73

BTC/USD

Overview
Today last price8639.88
Today Daily Change-118.76
Today Daily Change %-1.36
Today daily open8758.64
 
Trends
Daily SMA208935.7
Daily SMA508534.03
Daily SMA1009507.84
Daily SMA2009214.25
 
Levels
Previous Daily High8838.91
Previous Daily Low8706.68
Previous Weekly High9580.19
Previous Weekly Low8668.6
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%8757.19
Daily Fibonacci 61.8%8788.4
Daily Pivot Point S18697.25
Daily Pivot Point S28635.85
Daily Pivot Point S38565.02
Daily Pivot Point R18829.47
Daily Pivot Point R28900.3
Daily Pivot Point R38961.7

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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