• Price issued a false breakout yesterday and now trades back in the consolidation area.
  • 8,800 was rejected with some force and now BTC/USD trades at 8,329.00.

 

Bitcoin has broken back into the previous consolidation area between 7,701.00 and 8,659.40.

The relative strength index (RSI) indicator has also broken its trendline to trade lower. 

The value area is around 8,200 and this is represented by the peak of the bell curve on the right-hand side.

There was a clue to the weakness as the RSI indicator made a lower high as the price made a higher high. This is called a bearish divergence.

Sentiment has been low since the Bitwise ETF proposal was rejected by the SEC for a second time. 


Bitcoin analysis

BTC/USD

Overview
Today last price 8333.47
Today Daily Change  -253.10
Today Daily Change %  -2.95
Today daily open 8586.57
 
Trends
Daily SMA20 8507.63
Daily SMA50 9521.84
Daily SMA100 10148.57
Daily SMA200 8608.86
 
Levels
Previous Daily High 8658.54
Previous Daily Low 8455.95
Previous Weekly High 8532.46
Previous Weekly Low 7706.37
Previous Monthly High 10942.68
Previous Monthly Low 7706.37
Daily Fibonacci 38.2% 8533.34
Daily Fibonacci 61.8% 8581.15
Daily Pivot Point S1 8475.5
Daily Pivot Point S2 8364.43
Daily Pivot Point S3 8272.9
Daily Pivot Point R1 8678.09
Daily Pivot Point R2 8769.61
Daily Pivot Point R3 8880.68

 

 

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