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BTC/USD technical analysis: Intraday price action remains weak as 10k is defended again

  • Bitcoin price action remains weak today as BTC/USD trades 1.36% lower.
  • Bulls are looking as resilient as ever as 10K is once again defended.
BTC/USD technical analysis: Intraday price action remains weak as 10k is defended again
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

Looking at the intraday price action on the 5-minute chart below it is clear that bulls are not willing to let 10k go just yet.

The biggest volume spike of the day came as the sell-off was defended at 6 pm London time.

Immediately buyers pushed the price higher but that was not the end of the story at 22.20 the bears had another run at it and the bulls came out fighting once more.

It seems that this is where the upside momentum keeps wearing thin. The same thing happened in yesterday's session as the buyer just could not force the issue.

The daily candle yesterday closed as a bullish hammer and it was still not enough to inspire any real bullish momentum. Let's see what the weekend brings.

Bitcoin price action

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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