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.

Rajan Dhall, MSTA FX Daily

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.

Additional Levels

BTC/USD

Overview
Today last price	8054.82
Today Daily Change	-115.04
Today Daily Change %	-1.41
Today daily open	8169.86

Trends
Daily SMA20	8983.39
Daily SMA50	8515.37
Daily SMA100	9383.44
Daily SMA200	9280.1

Levels
Previous Daily High	8502.75
Previous Daily Low	8027.6
Previous Weekly High	9137.8
Previous Weekly Low	8369.16
Previous Monthly High	10484.7
Previous Monthly Low	7300.54
Daily Fibonacci 38.2%	8209.11
Daily Fibonacci 61.8%	8321.24
Daily Pivot Point S1	7964.05
Daily Pivot Point S2	7758.25
Daily Pivot Point S3	7488.9
Daily Pivot Point R1	8439.21
Daily Pivot Point R2	8708.56
Daily Pivot Point R3	8914.36

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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