Despite every rise expectation, the price of bitcoin has suppressed the latest drop today.
On Wednesday, BTC / USD fell by 7%. The Parity saw our rising wedge welcome us close to resistance. In the past three days, there was no reception air around the area. He saw an early Asia session and the value began to collapse. In the mid-Asian and early European times, BTC / USD fell into a new day from today’s highest level, 7400-fiat to 6902-fiat.
When we enter the United States now, the parity is a non-irreversible clue, and as the session matures, more downsides can be tested.
BTC / USD Technical Analysis
BTC / USD is already downgrading our rising wedge support. Traditionally, this could mean a volatile drop of at least $ 500. Basically, a bitchin whale is a bit more thankful to the one who foresees a $ 1 billion bitcoin breakdown. First and foremost, the emotions are dominated by techniques in trade.
Nevertheless, we will stick to the technical point of view of the Bitcoin market, as our headline suggests. Nevertheless, the BTC / USD pair is heading into a really strong downtrend. The pair is close to testing for a potential retreat, which will restart our 100H MA stock exchange bullish expectations and withdraw the dominant downtrend like any other bullfloor formation. However, if 100H MA breaks down, there is a longer downward momentum risk.
Both the RSI and Stochastic Oscillator indices have shifted to their own over-sold territory and may continue in the current direction while waiting for a small / big return.
BTC / USD Intraday Analysis
From today’s perspective, we are in a new range defined by a new intermediate support in 6830-fiat and an intermediate resistance in 7130-fiat. First we expect BTC / USD to test 6832-fiat and 100H MA for a potential return. If this happens, we will not have a chance to enter a long position towards 7130-fiat as part of our internal strategy. We do not take a long break on the resistance, it will take a long time towards the mediating goal of 7264-fiat, with an open view towards 7429-fiat. At the same time we will hold our positions in every long position below the entry point of four pips.