Following a week or so of relative inactivity in the mid $10k level, bitcoin price has broken down through support today. The asset has traded in five figures for the best part of this month but found itself back in the $9k zone during late trading yesterday.


Bitcoin Could Drop Below $9k

A death cross formed on the one hour chart earlier this week and as if in response, the downtrend intensified. Yesterday saw a slow but steady decline until one fat red candle dumped BTC all the way back to $9,900 according to Tradingview.com.

Within a few hours, bitcoin price rapidly recovered to $10,250 but could not hold gains and has begun to fall back again, currently trading at 00. A fall below five figures again is looking inevitable and support lies around the $9,750 level.

BTC price 1-hour chart – Tradingview.com

According to crypto analyst ‘CryptoFibonacci’ the bounce was exactly where a Fib cluster lined up which provided a solid support for this short timeframe.

“An important Fibonacci retracement cluster lined up just perfect.  Not saying that is the bottom, but it was tradeable.”



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Author: Martin Young

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