BTC/USD technical analysis: Hourly chart shows selling momentum is slowing

Crypto sentument still remains weak on Tuesday with Bitcoin trading 0.93% lower.
There is a divergence on the RSI which can be an indication of slowing momentum.

Rajan Dhall, MSTA FX Daily

Bitcoin 1-Hour Chart

There has been some serious selling momentum in the BTC/USD pair and the hourly chart below shows it.

There has been an acceleration lower past the descending wedge pattern and the bottom of the pattern could provide some resistance.

With this extra downside momentum, the market reached an extremely oversold level and now the momentum is wearing thin.

The RSI divergence shows the market is making a lower low wave pattern but the RSI indicator made a few higher lows.

This is just an indication and a break to the upside would need more confirmation like a break back above the 8,220.63 consolidation high

Additional Levels

BTC/USD

Overview
Today last price	8104.23
Today Daily Change	-65.63
Today Daily Change %	-0.80
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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