BTC/USD Technical Analysis: Here are the next meaningful support levels

• After the 7,300 support level broke to the downside today where are the next support zones.
• Historical prices show important levels where the market found a base.

Current BTC/USD Daily Chart

After the current massacre in the crypto market today, it’s useful to find some more support levels to keep as a reference point.

The current support levels are 6,512.14 which was used on 17th May 2019 after a move higher.

After that in on 12th November 2017, 5,555.55 was also used following another spike higher.

The charts below highlight their usage. Although support levels can be broken as demonstrated today, they are a useful point to watch out for as technical traders consider them important.

Also, orders can be lying in wait at historically important price levels.

Without any past reference to support and resistance levels, it’s also hard to know where the market should be based on current information.

What I mean by this is if things get worse and worse they can only find support when things were as bad or as good in comparison.

In essence, for us to take out the 19,891.99 high in December’17 the market has to feel we are in a better place then we were back then. Hence it is our high resistance reference point.