BTC/USD technical analysis: Hourly chart shows selling momentum is slowing

Crypto sentument still remains weak on Tuesday with Bitcoin trading 0.93% lower.
There is a divergence on the RSI which can be an indication of slowing momentum.

Bitcoin 1-Hour Chart

There has been some serious selling momentum in the BTC/USD pair and the hourly chart below shows it.

There has been an acceleration lower past the descending wedge pattern and the bottom of the pattern could provide some resistance.

With this extra downside momentum, the market reached an extremely oversold level and now the momentum is wearing thin.

The RSI divergence shows the market is making a lower low wave pattern but the RSI indicator made a few higher lows.

This is just an indication and a break to the upside would need more confirmation like a break back above the 8,220.63 consolidation high

Additional Levels

BTC/USD

Overview
Today last price	8104.23
Today Daily Change	-65.63
Today Daily Change %	-0.80
Today daily open	8169.86

Trends
Daily SMA20	8983.39
Daily SMA50	8515.37
Daily SMA100	9383.44
Daily SMA200	9280.1

Levels
Previous Daily High	8502.75
Previous Daily Low	8027.6
Previous Weekly High	9137.8
Previous Weekly Low	8369.16
Previous Monthly High	10484.7
Previous Monthly Low	7300.54
Daily Fibonacci 38.2%	8209.11
Daily Fibonacci 61.8%	8321.24
Daily Pivot Point S1	7964.05
Daily Pivot Point S2	7758.25
Daily Pivot Point S3	7488.9
Daily Pivot Point R1	8439.21
Daily Pivot Point R2	8708.56
Daily Pivot Point R3	8914.36

Share: Cryptos feed

All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.