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BTC/USD intraday technical analysis: BTC/USD stalls at 8,500

  • After the massive fall yesterday BTC/USD consolidates at 8,500.
  • Although prices are higher today might be the “dead cat bounce” day.

It’s hard to analyse price after such a severe fall yesterday but BTC/USD was trading higher today until recently.

Price had made a comeback to hit a high of 8,659.40 but as now fallen to consolidate at near 8,500.

Price action has been choppy to say the least, as traders come to terms with large losses.

The downtrend was broken when price crossed 8,350.00 earlier in the session but it seems we have run out of steam ahead of 8,700.

Once again most of the bigger volume spikes come from the sell-side but at 21:00 London time, there was a big buy order on the Coinbase exchange.

My gut is telling me today’s price action was just a dead cat bounce and the selling will resume tomorrow but I truly belive anything near 8,000 represents good value.

BTC/USD technical analysis


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