BTC/USD Technical Analysis: Does a break of 8k matter?
- BTC/USD is once again trading soft today and is currently 1.46% lower on the session.
- The market is looking to see if the psychological 8K level holds.
BTC/USD Daily Chart
Looking at the daily chart below you can see by the red rectangle the price is at a sicky point. This can be described as the mean value of a previous consolidation point between 8,827.00 and 7,268.13.
The main support level to worry about hangs at the low of 7,268.13. If that level breaks then it is time for the bulls to worry.
Price has consolidated at this are in the past and pushed higher so the general weakness today is currently not a major concern.
Looking above price, the bulls would need a break of 8,827.00 for a positive signal.
Also, there is an internal trendline that could support price if it drops lower and it begins at the highs seen in late June.
Overall, yes the price action is weak but there is still hope for the bulls.
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Additional Levels
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.
