TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

BTC/USD technical analysis: Bitcoin finds some support but where will it go now?

  • BTC/USD trades 3.39% higher today after the fall on Wednesday.
  • There are a couple of resistance levels to keep an eye on.
BTC/USD technical analysis: Bitcoin finds some support but where will it go now?
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

After falling to hit a low of 7,296.44 on Wednesday BTC/USD has found some support but is still in a downtrend.

On the upside, a natural resistance is the previous consolidation low of 7,701.00 and price is there as we speak.

Above that, the 8K psychological level is just over the horizon and it is just under the peak of the volume profile volume point of control (VPOC) for that distribution.

Then if the bulls really do manage to take control 9,071.00 is next.

On the downside other than the level that the Bitcoin price just bounced off the next low down is 5,777.00.

Bitcoin Analysis

BTC/USD

Overview
Today last price7674.54
Today Daily Change 241.67
Today Daily Change % 3.25
Today daily open7432.87
 
Trends
Daily SMA208116.09
Daily SMA508954.86
Daily SMA1009688.21
Daily SMA2008866.98
 
Levels
Previous Daily High7510.05
Previous Daily Low7358.98
Previous Weekly High8469.7
Previous Weekly Low7820.15
Previous Monthly High10942.68
Previous Monthly Low7706.37
Daily Fibonacci 38.2%7416.69
Daily Fibonacci 61.8%7452.34
Daily Pivot Point S17357.88
Daily Pivot Point S27282.9
Daily Pivot Point S37206.82
Daily Pivot Point R17508.95
Daily Pivot Point R27585.03
Daily Pivot Point R37660.02

Author

Rajan Dhall, MSTA

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

More from Rajan Dhall, MSTA
Share:

Editor's Picks

Cardano Price Forecast: Approaches critical support as correction risks grow

Cardano Price Forecast: Approaches critical support as correction risks grow

Cardano (ADA) recovers slightly, trading at $0.206 at the time of writing on Friday, inches above the critical support zone after losing more than 6% so far this week. Weakening derivatives data and fading bullish momentum suggest a bearish near-term outlook, with a decisive close below the support zone potentially triggering a deeper correction for ADA.
Crypto Overview: Bitcoin slips below $77,000 – Raydium, Falcon Finance hold gains

Crypto Overview: Bitcoin slips below $77,000 – Raydium, Falcon Finance hold gains

Bitcoin price trades below $77,000 on Friday, extending its capitulation from the previous week’s high at $82,300. Broader market consensus points to a higher likelihood that the US Federal Reserve could raise interest rates at the September meeting, as inflation concerns rise amid the war with Iran.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC pullback, ETH stalls, XRP weakens

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC pullback, ETH stalls, XRP weakens

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) remain under pressure on Friday as the broader cryptocurrency market extends its losses over 4%, 2.5% and 5%, respectively, this week.
Ethereum Price Forecast: ETH holds above $2,400 as PPI data strengthens rate hike expectations

Ethereum Price Forecast: ETH holds above $2,400 as PPI data strengthens rate hike expectations

Ethereum (ETH) is down 0.7% on Thursday as the second-largest cryptocurrency looks to recover from earlier pressure following the release of stronger US inflation data. The Producer Price Index (PPI) for final demand rose 0.4% in August, matching market expectations after a revised 0.1% increase in July, according to the US Labor Department.
Bitcoin: Gearing up for a sharp move

Bitcoin: Gearing up for a sharp move

Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.