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BTC/USD technical analysis: Price breaks lower as thin trading fails to inspire bulls

  • Bitcoin breaks intraday trendline.
  • Volume is very low today amid no real market drivers.
  • 10,100 support is the next target with 10,000 below.
BTC/USD technical analysis: Price breaks lower as thin trading fails to inspire bulls
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily
BTC/USD chart

On the 5-min BTC/USD chart prices are starting to break lower after a very slow news day. It was noted earlier that when good news like the Telegram story does not inspire a price rally we may be in dangerous territory. 

The Stochastic has turned south into the oversold area with both the K and D lines in negative territory.

The MACD indicator's histogram has also crossed the mid-line into the red with the faster MA also crossing lower.

From a support point of view, there are now two major levels to watch out for. The 10,100 and 10,000 psychological level. It will be interesting to see if bulls come in to protect Bitcoin.

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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