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.

Rajan Dhall, MSTA FX 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.

BTC/USD

Overview
Today last price	7674.54
Today Daily Change	241.67
Today Daily Change %	3.25
Today daily open	7432.87

Trends
Daily SMA20	8116.09
Daily SMA50	8954.86
Daily SMA100	9688.21
Daily SMA200	8866.98

Levels
Previous Daily High	7510.05
Previous Daily Low	7358.98
Previous Weekly High	8469.7
Previous Weekly Low	7820.15
Previous Monthly High	10942.68
Previous Monthly Low	7706.37
Daily Fibonacci 38.2%	7416.69
Daily Fibonacci 61.8%	7452.34
Daily Pivot Point S1	7357.88
Daily Pivot Point S2	7282.9
Daily Pivot Point S3	7206.82
Daily Pivot Point R1	7508.95
Daily Pivot Point R2	7585.03
Daily Pivot Point R3	7660.02

Author

Rajan Dhall, MSTA

FX Daily

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

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