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Bitcoin Technical Analysis: BTC/USD was saved by $7500 support, reversal doji candlestick seen indicating of a shift in short-term direction, Bitcoin was heavily oversold

Bitcoin is seen down around 1.5% through the mid-point of Wednesday's session.
BTC/USD came under some heavy selling pressure on Tuesday, dropping over 8% over the day.
A reversal doji candlestick has been spotted, indicating of a potential shift in the short-term trend, at the demand area of $7500.

Ken Chigbo Independent Analyst

BTC/USD 60-minute chart

Spot rate: 7615.0

Relative change: -1.50%

High: 7756.1

Low: 7469.5

Trend: Bearish

Support 1: 7530.7, (support on 60-minute chart).

Support 2: 7469.5, today's (Wednesday) low.

Support 3: 7340.2, 22nd/ & 23rd July low.

Resistance 1: 7835.0, entrance to supply zone.

Resistance 2: 7860.5, 50MA.

Resistance 3: 7900.0, consolidation area.

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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