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Bitcoin technical analysis: BTC/USD next move could be harsh

  • Bitcoin price on Tuesday is nursing losses of 2.5% in the second part of the day.
  • BTC/USD is stuck within consolidation mode, a narrowing block formation seen over the last eight sessions. 
  • Critical near-term support is eyed at $7500, failure to hold could be devastating. 
Bitcoin technical analysis: BTC/USD next move could be harsh
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                 7818.50

Relative change:      -2.55%

High:                        8055.26

Low:                         7740.29

BTC/USD 60-minute chart

  • BTC/USD smashes out to the downside from a near-term range-block, a critical ascending trend line can be seen supporting the price. 

BCH/USD daily chart

  • Price action via the daily chart view is stuck moving within consolidation mode, moving within a narrowing range-block. 

Author

Ken Chigbo

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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