Bitcoin Price Analysis: BTC/USD Big Picture And Daily Chart


bitcoin price

Bitcoin Price Analysis: BTC/USD Big Picture And Daily Chart

Bitcoin price failed near $8,500 recently and declined against the US Dollar. BTC/USD is declining and it seems like it was rejected from a major technical level on the daily chart.

Key Takeaways:

  • Bitcoin is still placed well above the $7,000 support and the $6,750 pivot level. 
  • BTC/USD failed near a crucial bearish trend line and technical resistance near $8,400-8,500 on the daily chart.
  • The price is under pressure and it may perhaps trade towards $7,000 in the near term.

Bitcoin price analysis

In July 2018, bitcoin price started an upward move from the $5,744 swing low. BTC/USD gained bullish momentum and broke many barriers such as $5,950, $6,200, $6,750 and $7,000.

The daily chart indicates that the price even broke the $8,000 resistance and the 50% Fibonacci retracement level of the last decline from the $10,005 high to $5,744 low.

bitcoin price
Chart sourced by TradingView, Binance

More importantly, the price even broke the 100-day SMA near the $7,600 level. It rallied towards the $8,500 level where sellers appeared. Furthermore, the upside move faced a strong resistance near $8,450-8,500.

It seems like a connecting bearish trend line with current resistance at $8,400 on the daily chart acted as a solid barrier. Additionally, the 61.8% Fibonacci retracement level of the last decline from the $10,005 high to $5,744 low also acted as a resistance.

BTC price was rejected and the price moved down below the $8,200 and $8,000 levels. It is currently trading well below the $7,600 level and the 100-day SMA. On the downside, there is a solid support waiting around the $7,000 level, which is a crucial pivot level.

Below $7,000, the price could test the next important support at $6,750. As long as the price is above $7,000, it could make another attempt to break the trend line.

In the medium term, bitcoin price has to settle above the trend line, $8,400, and the 100-day SMA to gain bullish momentum. Above $8,400, the price may well target the $9,000 and $9,500 levels.

The important supports on the downside awaits near $7,180, $7,000 and $6,750. Below this last, BTC/USD will most likely move back in a bearish zone.

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Bitcoin Price Analysis: BTC/USD Big Picture And Daily Chart
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Bitcoin Price Analysis: BTC/USD Big Picture And Daily Chart
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Bitcoin price failed near $8,500 recently and declined against the US Dollar. BTC/USD is declining and it seems like it was rejected from a major technical level on the daily chart.
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

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Latika Mehrotra 71 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

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