• Bitcoin pulled back from a long term trendline.
  • BTC/USD has just turned positive after trading lower for most of the session.

BTC/USD daily chart

Bitcoin had a massive Wednesday jumping over 13%. On Thursday, the market moved higher earlier in the session but since it dropped lower to hit a session low of 8,407.00. Now the price is trading just above flat and the bulls could be taking control again.

The price stopped at a key technical level. Looking at the chart the black trendline had been rejected and the price also stopped at the blue horizontal line at 9,152.00. Although it is not on the chart the price line is also close to the 50% Fibonacci level.

Now it is up to the bulls and bears to fight it out for dominance over this market. The bulls have the longer-term control as the market continues to make higher lows and higher highs. But this level does seem strong and it may take some decent volume to crack it.

Bitcoin hits technical resistance

Additional levels

BTC/USD

Overview
Today last price 8853.22
Today Daily Change 62.56
Today Daily Change % 0.71
Today daily open 8790.66
 
Trends
Daily SMA20 7249.78
Daily SMA50 6704.11
Daily SMA100 7981.83
Daily SMA200 7967.54
 
Levels
Previous Daily High 8978.23
Previous Daily Low 7721.44
Previous Weekly High 7765.01
Previous Weekly Low 6754.64
Previous Monthly High 9215.51
Previous Monthly Low 3886.49
Daily Fibonacci 38.2% 8498.13
Daily Fibonacci 61.8% 8201.53
Daily Pivot Point S1 8015.32
Daily Pivot Point S2 7239.98
Daily Pivot Point S3 6758.53
Daily Pivot Point R1 9272.11
Daily Pivot Point R2 9753.57
Daily Pivot Point R3 10528.91

 

 


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