BTC/USD technical analysis: Is the sell off starting again?

There was a sharp fall in the value of Bitcoin and the price stopped just ahead of 8K.
The bulls are wondering if the 8K mark will be breached today in the sell-off.

Rajan Dhall, MSTA FX Daily

The price of Bitcoin just took a pretty sharp fall on the hourly chart below.

It seems the 8,100 level was enough to support the markets as the bears were chased away.

If the level is breached later in the session the main consolidation low stands at 7,701.00 (not marked on the chart).

Once the 8,156.00 short term support was broken the price the price confirmed a lower high lower low on the hourly chart.

This move now means BTC/USD is trading over one percent lower on the session.

Currently, the price is holding just below the volume profile volume point of control (VPOC). This is the price at which most contracts have been traded on the Coinbase exchange.

When the price is under the VPOC this is traditionally a bearish sign and mean reversion traders often try and get the price to come back and retest the area before there is a move lower.

On the daily chart, we are still in a downtrend and any break of the 7,701 support would be a continuation of the lower low lower high trend.

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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