Bitcoin Price Analysis: BTC/USD just dumped another $300+

Over the last four sessions, Bitcoin fell as much as 15% as sentiment turns.
The digital gold found support at 8,500 but the losses might not be over just yet.

Rajan Dhall, MSTA FX Daily

BTC/USD 10-min chart

The price has been very choppy today as the chart below shows. There has been a pullback, but as soon as the price hit 9182.66, the market turned and fell in two stages.

The 8500.00 level provided the market with some support even though the price dipped through. It seems like some participants are banking some profits as BTC heads toward the halving event on Monday.

On the higher timeframes, there is no doubt the market is still in an uptrend. The 10K level just seemed like too much of a mountain to climb for now.

BTC/USD 4-hour chart

On the 4-hour timeframe below it can be seen that the BTC/USD pair stopped exactly at the trendline. This support zone is still vulnerable so let's see how the market closed at the end of the day (Monday) to confirm if there is a technical break to the downside.

Additional levels

BTC/USD

Overview
Today last price	8552.11
Today Daily Change	-175.32
Today Daily Change %	-2.01
Today daily open	8727.43

Trends
Daily SMA20	8454.34
Daily SMA50	7448.58
Daily SMA100	8011.57
Daily SMA200	8019.1

Levels
Previous Daily High	9559.74
Previous Daily Low	8105.58
Previous Weekly High	10074.48
Previous Weekly Low	8535.49
Previous Monthly High	9476.83
Previous Monthly Low	6156.67
Daily Fibonacci 38.2%	8661.07
Daily Fibonacci 61.8%	9004.25
Daily Pivot Point S1	8035.43
Daily Pivot Point S2	7343.42
Daily Pivot Point S3	6581.26
Daily Pivot Point R1	9489.59
Daily Pivot Point R2	10251.75
Daily Pivot Point R3	10943.75

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.

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Bitcoin Price Analysis: BTC/USD just dumped another $300+