Bitcoin Price Watch: BTC/USD Turned Bearish

Key Factors

  • Bitcoin worth failed to interrupt a serious resistance space close to $9,400 and declined sharply towards the US Greenback.
  • There’s a main bearish pattern line forming with resistance at $9,380 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is now buying and selling properly beneath the $9,050 help, which is a bearish signal within the brief time period.

Bitcoin worth turned bearish beneath $9,050 towards the US Greenback. BTC/USD could proceed to maneuver down so long as it’s beneath $9,000-9,050.

Bitcoin Price Evaluation

Yesterday, we mentioned a serious resistance space close to $9,450 in bitcoin worth towards the US Greenback. The worth was buying and selling with a optimistic bias, however patrons did not push the worth above $9,400 and $9,450, which resulted in a draw back transfer. There was a pointy bearish response and the worth tumbled beneath the $9,050 and $9,000 help ranges. The latest draw back break seems actual as the worth settled beneath the $9,000 deal with and the 100 hourly easy shifting common.

It traded as little as $eight,696 and is at the moment consolidating losses. An preliminary resistance is close to the 23.6% Fib retracement stage of the final decline from the $9,465 excessive to $eight,696 low. Nevertheless, an important resistance is near $9,050, which was a help earlier. Furthermore, the 50% Fib retracement stage of the final decline from the $9,465 excessive to $eight,696 low is at $9,050 to forestall positive aspects. A push above $9,050 might lower the present bearish stress within the brief time period.

Trying on the hourly chart, is a serious bearish pattern line forming with resistance at $9,380. On the draw back, a break and shut beneath $eight,600 could maybe open the doorways for extra losses in the direction of the $eight,200 stage within the close to time period.

Trying on the technical indicators:              

Hourly MACD – The MACD for BTC/USD is gaining momentum within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI is at the moment close to the acute oversold ranges.

Main Help Degree – $eight,600

Main Resistance Degree – $9,050

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