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

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.

More from Rajan Dhall, MSTA
Share:

Editor's Picks

Ripple technical weakness persists as selling intensifies toward $1.00

Ripple technical weakness persists as selling intensifies toward $1.00

Ripple grinds lower, trading around $1.10 at the time of writing on Wednesday. The sticky bearish outlook mirrors the broader crypto market, with major coins such as Bitcoin and Ethereum facing weak demand as investors de-risk.

Crypto Today: Bitcoin, Ethereum, XRP face downside pressure amid investor de-risking

Crypto Today: Bitcoin, Ethereum, XRP face downside pressure amid investor de-risking

Major crypto assets trade under intense headwinds on Wednesday, as market participants navigate complex geopolitical and macroeconomic environments. Bitcoin has slipped toward $61,000 after its recent rebound was sold near $64,000, leaving buyers exhausted.

Bitcoin Price Forecast: Sticky inflation fears threaten deeper sell-off in BTC

Bitcoin Price Forecast: Sticky inflation fears threaten deeper sell-off in BTC

Bitcoin extends its decline on Wednesday, trading below $61,500 at the time of writing as renewed US-Iran tensions keep the risk sentiment capped. In addition, persistent capital outflows from US-listed spot Exchange Traded Funds continue to fuel selling pressure on BTC.

Pi Network extends decline as CEX outflows fail to offset bearish pressure

Pi Network extends decline as CEX outflows fail to offset bearish pressure

Pi Network edges lower on Wednesday, extending its third consecutive day of losses. The technical outlook for PI is largely bearish, with a risk of a steeper correction below $0.1184.

Bitcoin: After the bloodbath, everyone looks at $60,000

Bitcoin: After the bloodbath, everyone looks at $60,000

Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.