Bitcoin technical analysis: Support levels are in focus for now

Bitcoin is struggling once again but the price has found some support at an internal trendline.
Below the price level at the moment is the psychological 8,000 level.

Rajan Dhall, MSTA FX Daily

Bitcoin is struggling like most cryptocurrencies today. The BTC/USD pair is currently trading 2.63% lower as sentiment remains weak. The price on the hourly chart is making lower highs and lower lows after the pivotal 8,233.00 support level was broken. The price is currently just under the value area now 8,164.17. This is the price where most contracts have been traded on the Coinbase exchange.

The interesting thing on the chart is the internal trendline it was respected five times in total. Two times in a previous wave series and then three more times after it was broken on October 9th. The next support level is at the 8K psychological support level and below that the consolidation low of 7701.00.

On the daily chart, the price is still firmly in a downtrend and this will only continue if the wave low of 7701.00 is broken to the downside. On the upside there is some way to go before the consolidation wave high is taken out at 8,826.00. Only when this is broken can we talk about a price recovery.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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