Bitcoin price analysis: BTC/USD looks ready to give up supporting trend line, hold on tight, a fast drop may be pending

Bitcoin at threat of serious downside pressure, as supporting ascending channel trend line is tested.
Downside target eyed back towards $6,500, if the bears manage to break down $8,200-100 area.

Ken Chigbo Independent Analyst

The Bitcoin price was seen down 2.25% after the midpoint of Tuesday’s trading session, with no sign the bears losing momentum for now. BTC/USD is at threat of further selling pressure, as a key area of support is being penetrated.

BTC/USD over the past two weeks has formed an ascending channel, which came after the trend line running from September 2017 was broken. The continued sell-off is seen across the crypto market, without any clear catalyst behind this current move.

Looking technically, between $8,200-8,100 is where the underlying trend line of the ascending channel tracks. A breach of the mentioned price levels could be devasting for Bitcoin, opening the door to fast downside towards $6,500. Resistance to the upside remains firm between $9,500-10,000.

BTC/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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