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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.

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