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Bitcoin

Bitcoin Price Analysis: The $2000 consolidation zone

  • Bitcoin disappoints on Tuesday as sentiment remains weak.
  • There is a firm consolidation pattern but there is some hope from the technical indicators.

Bitcoin daily chart

Bitcoin trades lower on Tuesday as general crypto sentiment remain weak. The market seems to be stuck between a rock and a hard place since the halving event took place last week. Now BTC/USD dipped below the 9K level after rejecting the 10K resistance zone twice in relatively quick succession. Now the price looks stuck between 8-10K there needs to be a firm breakout on good volume to determine the future path of the digital gold.

There are some positives on the technical side, the price is trading above the 200 and 55 moving averages. The MACD signal line is still holding above the zero line despite the histogram being under (in the red). The Relative Strength Index indicates is still above the 50 mid-point. The key support level remains the wave low of 8105.58 and if this breaks then a lower high lower low sequence would kick in. 

Bitcoin Price analysis

Additional levels

BTC/USD

OVERVIEW
Today last price8861.11
Today Daily Change-38.98
Today Daily Change %-0.44
Today daily open8900.09
TRENDS
Daily SMA209307.99
Daily SMA508272.57
Daily SMA1007927.09
Daily SMA2008049.46
LEVELS
Previous Daily High8978.49
Previous Daily Low8637.26
Previous Weekly High9957.53
Previous Weekly Low8800.12
Previous Monthly High9476.83
Previous Monthly Low6156.67
Daily Fibonacci 38.2%8848.14
Daily Fibonacci 61.8%8767.61
Daily Pivot Point S18698.74
Daily Pivot Point S28497.39
Daily Pivot Point S38357.51
Daily Pivot Point R19039.96
Daily Pivot Point R29179.84
Daily Pivot Point R39381.19
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