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BTC/USD Technical Analysis: Bitcoin finds some relief at 10,000

  • After a 7.12% fall, Bitcoin finds some support at 10,000.00
  • In a shocking day of no real fundamental news BTC/USD takes a massive hit
  • 9,116.00 could be the next support if 10,000.00 is taken out
BTC/USD Technical Analysis: Bitcoin finds some relief at 10,000
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily
Bitcoin 4 hour chart

As crypto sentiment takes a battering today there is finally some restbite for BTC/USD at the 10,000.00 level. In a day where no real negative fundamental news has been released BTC/USD has plunged over 7%. 

Some analysts have noted the Swiss regulator asking for more documents from Facebook or the New York Attorney Generals request for more documentation from Bittrex as the cause.

Either way on the 4-hour chart above I have noted the key intraday support and resistance levels. If Bitcoin breaks the 10,000.00 level 9,084.70 proved some serious support on 16th and 27th July. Although both indicators are suggesting there could be more space for a move lower. The MACD histogram is moving past the zero line as we speak and the Stochastics look negative to as the fast MA moves beyond 50. 

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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