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BTC/USD technical analysis: Bitcoin bulls cant manage test the highs

  • BTC/USD gave the highs another test but the bears smashed the attempt.
  • Today Bitcoin is trading 0.11% lower as crypto sentiment is mixed.
BTC/USD technical analysis: Bitcoin bulls cant manage test the highs
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

Bitcoin tried to test the daily high of 8,535.00 but didn't manage to break 8,400.00.

The level to break for the bears is now 8,239.86 and this would make a lower high lower low formation.

There is also a trendline support close to the support level and the last hourly candle is a classic shooting star.

The next support on the way down is 8100.00 which was used to good effect previously.

The relative strength index (RSI) has just dropped the 50 mid-line which could indicate more bearish action.

Bitcoin analysis

BTC/USD

Overview
Today last price8322.52
Today Daily Change18.15
Today Daily Change %0.22
Today daily open8304.37
 
Trends
Daily SMA209507.7
Daily SMA509974.01
Daily SMA10010461.92
Daily SMA2008393.8
 
Levels
Previous Daily High8372.86
Previous Daily Low7706.37
Previous Weekly High10092.72
Previous Weekly Low7728.27
Previous Monthly High10942.68
Previous Monthly Low7706.37
Daily Fibonacci 38.2%8118.26
Daily Fibonacci 61.8%7960.97
Daily Pivot Point S17882.87
Daily Pivot Point S27461.37
Daily Pivot Point S37216.38
Daily Pivot Point R18549.36
Daily Pivot Point R28794.36
Daily Pivot Point R39215.85

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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