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Bitcoin technical analysis: BTC/USD smashed through critical $9500, bears now eye $7500

Ken Chigbo Independent Analyst

Bitcoin price is trading marginally in the red down some 1.25% in the second half of the session.
BTC/USD bears keep firm control after smashing through big support as mentioned yesterday at $9500.
The next major level of support is seen at $7500, where the price last traded in June.

BTC/USD daily chart

Buyers are failed to defend the critical $9500 area, as they target $7500, next major level of support.

BTC/USD 60-minute chart

The price smashed out of near-term bearish flag structure and bulls attempting retest via 60-minute view.

Spot rate: 8426.82

Relative change: -1.25%

High: 8744.38

Low: 8223.43

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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