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BTC/USD Technical Analysis: Bitcoin finds support at the channel low and now looks to be heading higher

  • BTC/USD bounces off the channel low and now trades 4.76% higher on the session.
  • Bulls and hodl'ers will be glad that the market found some support.
BTC/USD Technical Analysis: Bitcoin finds support at the channel low and now looks to be heading higher
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD Daily Chart

On the daily chart below it is clear to see that Bitcoin bounced off the channel low.

BTC/USD feels like it has been in freefall over the last few sessions and now we could see a base.

If the price gets back over 7,344 then we would see a bullish engulfing candle for the GMT candle close. 

The next major resistance is at 7,830 and this is where the market found support during late September and October.

In terms of psychological levels, 7K looks like a good mark to build from but only time will tell if the bulls can get back in charge.

Bitcoin Technical Analysis

Additional Levels

BTC/USD

Overview
Today last price7266
Today Daily Change358.27
Today Daily Change %5.19
Today daily open6907.73
 
Trends
Daily SMA208459.27
Daily SMA508432.81
Daily SMA1009147.99
Daily SMA2009344.04
 
Levels
Previous Daily High7344.35
Previous Daily Low6867.95
Previous Weekly High8633.09
Previous Weekly Low6787.81
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%7049.94
Daily Fibonacci 61.8%7162.37
Daily Pivot Point S16735.67
Daily Pivot Point S26563.61
Daily Pivot Point S36259.26
Daily Pivot Point R17212.07
Daily Pivot Point R27516.42
Daily Pivot Point R37688.48

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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