BTC/USD technical analysis: Volume is looking thin as the market looks to break 8.5K
- BTC/USD trades 0.70% higher but it's looking like bulls are struggling to gather momentum.
- Price has struggled to push up to the 8,500 mark after rejecting 8,200 in yesterday's session.
The four hour chart below is showing the price in its consolidation zone between 8,826 and 7,701.
Today price is right in the middle of the consolidation zone and it holding at the mean value area represented by the volume profile indicator on the right-hand side of the chart.
There is also a support zone at 8,220 which is marked by the small blue rectangles on the chart and this level seems like a magnet for price.
It is left to the US traders to pick up the momentum and push the price higher but if the price breaks the support xone the next level on the way down is 7,701 consolidation support.
On the daily chart where we are now could be the higher low that is needed for price to push higher. We are technically still in a downtrend until 8,826 is broken.
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.
