Bitcoin Technical Analysis: BTC/USD was saved by $7500 support, reversal doji candlestick seen indicating of a shift in short-term direction, Bitcoin was heavily oversold

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  • Bitcoin is seen down around 1.5% through the mid-point of Wednesday’s session. 
  • BTC/USD came under some heavy selling pressure on Tuesday, dropping over 8% over the day.
  • A reversal doji candlestick has been spotted, indicating of a potential shift in the short-term trend, at the demand area of $7500. 

 

BTC/USD 60-minute chart


 

Spot rate:                   7615.0

Relative change:       -1.50%

High:                          7756.1

Low:                           7469.5

Trend:                        Bearish
 

 

Support 1:                7530.7, (support on 60-minute chart).

Support 2:                7469.5, today’s (Wednesday) low. 

Support 3:                7340.2, 22nd/ & 23rd July low. 

Resistance 1:            7835.0, entrance to supply zone. 

Resistance 2:            7860.5, 50MA.

Resistance 3:           7900.0, consolidation area. 

 

 

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