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BTC/USD technical analysis: Bitcoin has started to sell off and price is heading to 8k

  • BTC/USD is trading 3.30% lower today as sentiment weakens across the board.
  • The BTC/USD price is heading toward some key support levels.
BTC/USD technical analysis: Bitcoin has started to sell off and price is heading to 8k
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

On the hourly chart below it seems that price is heading toward the support levels below price.

8,082.48 has been used a few times and seems to be acting like a pivot zone.

The relative strength index (RSI) has shown a bearish sign after the trednline broke to the downside.

Below the 8,082.48 zone the psychological 8k level lies in wait and beyond that 7,700.00 could be the next support area.

The price action seems to be bearish as one lower high and two lower lows have been created but as the US traders come to market lets see if the bearishness can continue.

Bitcoin analysis

BTC/USD

Overview
Today last price8160.89
Today Daily Change-219.12
Today Daily Change %-2.61
Today daily open8380.01
 
Trends
Daily SMA209313.6
Daily SMA509863.17
Daily SMA10010410.3
Daily SMA2008438.53
 
Levels
Previous Daily High8391.34
Previous Daily Low8171.86
Previous Weekly High10092.72
Previous Weekly Low7728.27
Previous Monthly High10942.68
Previous Monthly Low7706.37
Daily Fibonacci 38.2%8307.5
Daily Fibonacci 61.8%8255.7
Daily Pivot Point S18237.47
Daily Pivot Point S28094.92
Daily Pivot Point S38017.99
Daily Pivot Point R18456.95
Daily Pivot Point R28533.89
Daily Pivot Point R38676.43

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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