Ken Chigbo
Independent Analyst
- Bitcoin staging a rebound, gains over 5% on Tuesday, as crypto market wide sees a pullback.
- The next test of this pullback for Bitcoin will be seen around $7,900, the initial supporting trend line, now resistance.
The Bitcoin price is seen up as much as 5% on Tuesday, in its attempt to retrace the chunky losses over the past week. Across the crypto market a strong pullback from the recent lows can be observed, however there may not be enough steam yet to change the firm bearish trend.
It was last week where Bitcoin gave up a strong supporting ascending trend line, that had been running from September 2017. Downside was exerted just below the $8,000 level, this is where the support was tracking.
Technically, BTC/USD within recent trading has received some support from a strong touted demand zone, within the mid $6,000 region. The next real test for Bitcoin will be the initial supporting trend line, resistance is currently tracking at around $7,900. A break above the mentioned resistance area, could see a decent rally higher, opening for a retest of $10,000.
BTC/USD daily chart
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