Ken Chigbo
Independent Analyst
- Bitcoin price plunges over 4% within the past 30-minutes, fallin from $6600 down to print session lows at $6400.
- BTC/USD has been on the back foot since the peak up at the sessions highs at $6899.0, falling just short of the round number $6900.
Now this is some rollercoaster Bitcoin is going through in the session of Wednesday, after initially looking like it was leaving a bullish set up to be continued into Thursday, then the sellers coming pilling in. The daily wick mentioned in the previous article, is very much redundant now. Read earlier analysis
BTC/USD peaked at the session highs of $6899.0, before losing footing throughout the day gradually, now having completely given back that spike in the early AM of Wednesday. The market had been in somewhat of a tight range from 15-21 August, before a large breakout being observed, then returning just as fast back to the narrow range.
Big support is seen around the $6400 level, a failure to hold on Wednesday, could see a fast fall back down to the lows of 14th August at $5860. On the flipside, should the momentum return, the bulls will need to break back through $6500-600 to see another retest ahead of $7000.
BTC/USD 30-minute chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
LINK price jumps 10% as Chainlink races toward tokenization of funds
Chainlink (LINK) price has remained range-bound for a while, stuck between the $16.00 roadblock to the upside and $13.08 to the downside. However, in light of recent revelations, the token, which powers the verifiable web of the decentralized computing platform, may have further upside potential.
Gaming token Notcoin down by almost 50% after airdrop launch
NOT experienced a rapid decline hours after its anticipated launch on Thursday, shedding almost 50% of its value. This continues the cycle of huge selling pressure faced by cryptocurrency airdrops after their launch, especially the launch of gaming tokens in recent times.
Ethereum drops below $3,000 again, spot ETH ETF sparks debate in crypto community
Ethereum again went below the $3,000 key level on Thursday after posting signs of a rally. The price action follows predictions from the community regarding the SEC's decision on spot ETH ETFs next week.
SUI price defends $0.8880 amid multiple Sui network integrations
Sui (SUI) price failed to heed to the broader market recovery on Wednesday, extending the fall to the $0.8880 support level. However, with multiple network integrations in the works, the altcoin has pivoted around this level and is scaling a recovery.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.