- In another heavy day for BTC/USD technical analysis still plays out.
- Bitcoin is now down 3.88% in the session after 7K was retaken to the upside.
BTC/USD 10-Minute Chart
On a day like this, it is hard to analyse Bitcoin on an intraday perspective but the support and resistance levels seem to be holding.
For the second day in a row, BTC/USD suffered from heavy losses and dropped another 3.88% adding to Thursday’s 5.77% fall.
7,501.46 was a support zone early in the EU session and as price moved higher toward the level the bears came back in and shorted Bitcoin.
Now bulls will be watching the consolidation high of 7,215.49 to see if the same thing happens to support upside trade.
On the daily charts, the trend is still heavily bearish but some Bitcoin analysts have noted there is often a downside flush out before a move higher.
This pattern was noted on both the 28th July and 23rd October this year.