Bitcoin Pulls Back Towards 7k

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Bitcoin Pulls Back Towards 7k

Posted on September 5th, 2018 in Bitcoin News by Tom Whitbread

Cryptomarkets are turning red across the board today as Bitcoin (BTCUSD) pulled back 2% this afternoon, testing support at the lower $7000 range.

As recent sessions highs grinded along the start of the week, finding resistance at the bearish gann angle from previous swing high, at $7300 for the past few days, bulls failed to pierce the resistance and now in unison with stocks, BTC has started it's pullback down towards support.

Daily Stochastics has dropped down out of the overbought trench to near the 55 key balance, if support can hold here as we move into the week, price may stay around the nearest fibonacci level at $6850.

If momentum increases, a lower range for support may be found at $6700 level or lower still the bottom of the channel at $6300.