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BTC/USD technical analysis: There is another technical formation on the hourly chart

  • BTC/USD is down another 2.83% today after the major fall two sessions ago.
  • Now there is a falling wedge pattern on the hourly chart that could indicate which way price may turn.
BTC/USD technical analysis: There is another technical formation on the hourly chart
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

The market found support at 8k today as the bearishness continued. 

After the fall two sessions ago the price has now consolidated into a falling wedge formation. 

Mean value is around 8,400 so if we see another rejection keep an eye on price action there.

Bulls are hoping for a break of the pattern high at 8,800 to signal a move higher. 

Bitcoin Analysis

BTC/USD

Overview
Today last price8196.34
Today Daily Change-239.37
Today Daily Change %-2.84
Today daily open8435.71
 
Trends
Daily SMA2010046.6
Daily SMA5010329.76
Daily SMA10010541.52
Daily SMA2008286.57
 
Levels
Previous Daily High8744.39
Previous Daily Low8209.57
Previous Weekly High10381.06
Previous Weekly Low9606.36
Previous Monthly High12325.08
Previous Monthly Low9321.06
Daily Fibonacci 38.2%8413.87
Daily Fibonacci 61.8%8540.09
Daily Pivot Point S18182.06
Daily Pivot Point S27928.4
Daily Pivot Point S37647.24
Daily Pivot Point R18716.88
Daily Pivot Point R28998.04
Daily Pivot Point R39251.7

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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