BTC/USD technical analysis: Bulls stopped in their tracks just ahead of 8,350
- It was all going so well as BTC/USD broke into positive territory for the session earlier.
- There is a key resistance on the four-hour charts that stopped the bulls from reaching higher levels.
The Bitcoin bulls seemed to be in control today as earlier on BTC/USD traded higher after rejecting lower levels on Sunday.
Now the psychological 8K level will come back into focus as the four-hour shooting star candle could indicate some further pain for Bitcoin.
It is interesting how the volume profile indicator (right-hand side) peak keeps acting like a price magnet. Although, in consolidation phases, this is often the case.
If BTC/USD makes a higher low and take out the 8,252 level it would be a bullish sign and that idea could still play out.
In the short term, we will need to see how much lower the price can go after rejecting 8,252 to the upside.
The trendline break was also a nice bullish move and hopefully hold as price moves lower toward 8k. For now we are looking to see where the price might find support.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
