Bitcoin Price Analysis: BTC finds resistance at a key level and could move lower

Bitcoin trades just above flat in a lacklustre session on Tuesday.
The market found resistance at the 50% Fibonacci zone.

BTC/USD daily chart

Today bitcoin is trading just above flat as the bulls manage to stem the losses seen on Monday's session. Now the chart structure looks pretty bearish as the market has made a lower high but the orange support zone close to the 38.2% Fib zone would need to be broken to complete the bearish picture. If broken that would make a lower high lower low wave pattern.

Looking at the indicators now, the price is now under bother the 55 and 200 daily moving averages. The 55 exponential moving average was an important resistance zone which influenced with the 50% Fib retracement zone marked by the red circle.

The relative strength index indicator has also just moved into negative territory under the 50 mid-line. There is still plenty of room to move lower into the oversold zone, this could mean there is more bearishness on the cards.

Additional levels

BTC/USD

Overview
Today last price	6857.35
Today Daily Change	18.02
Today Daily Change %	0.26
Today daily open	6839.33

Trends
Daily SMA20	6973.88
Daily SMA50	6880.65
Daily SMA100	8073.54
Daily SMA200	7995

Levels
Previous Daily High	7223.22
Previous Daily Low	6754.64
Previous Weekly High	7216.69
Previous Weekly Low	6466.49
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	6933.64
Daily Fibonacci 61.8%	7044.23
Daily Pivot Point S1	6654.9
Daily Pivot Point S2	6470.48
Daily Pivot Point S3	6186.32
Daily Pivot Point R1	7123.49
Daily Pivot Point R2	7407.65
Daily Pivot Point R3	7592.08

Share: Cryptos feed

All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.