Bitcoin still hovering above major support, watch for a break! for BITSTAMP:BTCUSD by Tickmill

trendanalysis harmonicpatterns chartpattern btcusd btcusdshort btcusdlong bitcoin bitcoinshort bitcoinlong bitcoinidea crypto cryptocurrency

Bitcoin continues to hover above major support at 9509 (psychological level, horizontal support, Fibonacci retracement) and a break of this level could trigger a sell off to push price towards 7572 (Fibonacci retracement, horizontal overlap support). We can see that price is facing major bearish momentum with a long term descending resistance line holding it down really well and it has also made a bearish exit of an intermediate ascending support-turned-resistance line.

RSI (34) sees descending resistance line add to our bearish pressure.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.

This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.