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Bitcoin Technical Analysis: Finally some support for BTC/USD

  • Bitcoin has pushed 2.82% higher on Wednesday after finding some support.
  • The smaller timeframes have shown a break of the 6,712.48 hourly wave high.
Bitcoin Technical Analysis: Finally some support for BTC/USD
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

Bitcoin Hourly Chart

This chart shows the pattern break to the upside on the hourly timeframe.

Price has also taken out the last wave high of 6,712.48.

7K could be a source for some resistance as traders often look at psychological numbers.

The volume is really picking up now as on the tail 6.12k contracts had been traded.

Bitcoin Hourly Chart

Bitcoin Daily Chart

The chart is still looking bearish on the daily timeframe.

The chart does highlight the rejection of the previous low. 

The 7,810.10 level could be the target on the higher timeframe as its the previous wave high.

The 7,296.44 level is also a resistace level to look out for as it was used as a suport zone in the past and previous support can become resistance.

Bitcoin Daily Chart

Additional Levels

BTC/USD

Overview
Today last price6749.06
Today Daily Change134.82
Today Daily Change %2.04
Today daily open6614.24
 
Trends
Daily SMA207289.08
Daily SMA508037.21
Daily SMA1008476.94
Daily SMA2009334.37
 
Levels
Previous Daily High6934.03
Previous Daily Low6558.14
Previous Weekly High7654.18
Previous Weekly Low7076.68
Previous Monthly High9580.19
Previous Monthly Low6526.82
Daily Fibonacci 38.2%6701.73
Daily Fibonacci 61.8%6790.44
Daily Pivot Point S16470.24
Daily Pivot Point S26326.24
Daily Pivot Point S36094.35
Daily Pivot Point R16846.13
Daily Pivot Point R27078.03
Daily Pivot Point R37222.03

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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