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BTC/USD Technical Analysis: 8K might be the next support zone

  • The general crypto sentiment is still weak as BTC/USD heads to 8K.
  • At the moment the internal trendline support is holding but the volume is still supporting the buy-side.
BTC/USD Technical Analysis: 8K might be the next support zone
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

Bitcoin Daily Chart

BTC/USD has been making a consolidation pattern that has been grinding lower towards 8K.

Right now the price is at the peak of the current distribution area that could potentially provide some support.

The key support level is 7296.44 and if that level breaks it could indicate some more weakness to the downside.

The resistance zone above the price at the moment is holding at 9071.00. This level has been used as support three times on the chart below.

Having said that if the price does manage to break it will be a good bullish signal. 

For now, this is a consolidation phase and volatility is low. There seems to be the need for a catalyst to inspire some volatility in price.

Bitcoin Analysis

Additional Levels

BTC/USD

Overview
Today last price8430.9
Today Daily Change-69.67
Today Daily Change % -0.82
Today daily open8500.57
 
Trends
Daily SMA209037.82
Daily SMA508513.15
Daily SMA1009421.46
Daily SMA2009265.04
 
Levels
Previous Daily High8633.09
Previous Daily Low8374.39
Previous Weekly High9137.8
Previous Weekly Low8369.16
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%8534.27
Daily Fibonacci 61.8%8473.21
Daily Pivot Point S18372.27
Daily Pivot Point S28243.98
Daily Pivot Point S38113.57
Daily Pivot Point R18630.98
Daily Pivot Point R28761.39
Daily Pivot Point R38889.68

Author

Rajan Dhall, MSTA

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

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