Bitcoin technical analysis: BTC/USD bulls ignore the slump to $7,400 to focus the potential rally


  • Bitcoin bears ruthlessly forced Bitcoin through key support levels to refresh lows around $7,400.
  • The short-term trend remains bearish but bulls remain optimistic of a potential end-year rally.

Spot rate: $7,598

Relative change: -16

Percentage change: -024%

Trend: Bullish

Volatility: Expanding

BTC/USD daily chart

Bitcoin price forms yet another falling triangle pattern giving investors hope that recovery is very possible.

The MACD returns into the negative region; the bearish cross signals the high presence of sellers.

BTC/USD 4-hour chart

Bitcoin's lower low pattern continues as bears explore how deep the rabbit hole goes.

The formation of a double-bottom pattern suggests that Bitcoin’s recovery in brewing.

BTC/USD

Overview
Today last price 7605.44
Today Daily Change -10.35
Today Daily Change % -0.14
Today daily open 7615.79
 
Trends
Daily SMA20 8764.61
Daily SMA50 8502.58
Daily SMA100 9270.55
Daily SMA200 9320.52
 
Levels
Previous Daily High 8114.54
Previous Daily Low 7393.27
Previous Weekly High 9137.8
Previous Weekly Low 8369.16
Previous Monthly High 10484.7
Previous Monthly Low 7300.54
Daily Fibonacci 38.2% 7668.79
Daily Fibonacci 61.8% 7839.01
Daily Pivot Point S1 7301.19
Daily Pivot Point S2 6986.6
Daily Pivot Point S3 6579.92
Daily Pivot Point R1 8022.46
Daily Pivot Point R2 8429.14
Daily Pivot Point R3 8743.73

 

 

 

 


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