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BTC/USD Technical Analysis: The main support is still holding

  • After breaking 8K to the downside the main support of 7,296.44 is still holding.
  • Today cryptocurrency sentiment is still soft with BTC/USD trading 6% lower.
BTC/USD Technical Analysis: The main support is still holding
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD Daily Chart

Now the BTC/USD chart is still looking weak with lower highs and lower lows.

But the trend will be confirmed on the downside when 7,296.44 breaks lower.

There is also a channel forming which is represented by the blue lines.

What is interesting about the recent price drop is that the two prior candles were not overly bearish.

Momentum looked like it was slowing on the downside but all of a sudden in the EU session the support levels broke.

The support of 7,296.44 was used a few times between May and June 2019 and bulls are hoping it holds this time round too.

Bitcoin Analysis

Additional Levels

BTC/USD

Overview
Today last price7592.22
Today Daily Change-491.87
Today Daily Change %-6.08
Today daily open8084.09
 
Trends
Daily SMA208855.31
Daily SMA508511.29
Daily SMA1009307.2
Daily SMA2009309.05
 
Levels
Previous Daily High8221.47
Previous Daily Low8029.71
Previous Weekly High9137.8
Previous Weekly Low8369.16
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%8102.96
Daily Fibonacci 61.8%8148.22
Daily Pivot Point S18002.04
Daily Pivot Point S27920
Daily Pivot Point S37810.28
Daily Pivot Point R18193.8
Daily Pivot Point R28303.51
Daily Pivot Point R38385.56

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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