BTC/USD Technical Analysis: if the selling continues here are some levels you may need to watch

Bitcoin sinks today amid no real fundamental drivers
Support kicks in at 10,000.00 as buyers jump in
There are some key levels to keep an eye on in the coming sessions

Bitcoin dramatically fell through 10,000.00 today after a heavy session of selling from the Asia close through to the beginning of the EU session.

Its seems now another lower high has been set in place on the daily chart above making it the 4th consecutive lower high without any wave high being challenged. Now if the trend is to turn down the 9467.57 low will be a major level as a break would make a lower high followed by a lower wave low.

However, below that, there is a more important level when it comes to chart structure and that is the 9049.54 wave low from 17th July. This level is the main consolidation low after the most recent rally to 13,880.00.

On the hourly chart below, in the short term, BTC/USD prices look set to recover. The term "sell on rallies" now comes to mind as today's sell of was so powerful. Since the trendline in red broke the down move has been relentless. All the hourly levels are marked in red with all the major level on the daily chart above still in black. 10,200.00 has acted as a support and resistance level so that should be somewhat significant, but the more important level is above that just under 10,500.00. Other than that, it seems unlikely but if we move even higher the retest of the red trendline could be a possibility.

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.