Bitcoin Price Analysis: $9,000 Not Enough Support For A Rally But What About $8,800?


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Bitcoin Price Analysis: $9,000 Not Enough Support For A Rally But What About $8,800?

  • Investors are finally coming into terms with Bitcoin’s false breakout above $10,500.
  • Bitcoin seeks a bottom; possibly $8,800 to trigger the next rally towards $10,000.

Bitcoin price has engaged the reverse gear as the maximum throttle hit a snag at $9,500. The tentative support at $9,200 has failed to offer the expected support. Meanwhile the price treading fast towards $9,000.

The short-term one-hour chart openly displays a building bearish trend that is likely to break the key $9,000 support. With the Relative Strength Index (RSI) almost at the oversold, it is becoming apparent that $9,000 is not a strong enough support to push for a reversal really to $10,000. However, if Bitcoin tests the next support target at $8,800 (a previous resistance level) the extremely oversold conditions are likely to result a significant recovery.

BTC/USD 1-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Meanwhile, Bitcoin is trading within a falling triangle that is likely to be broken before the American session ends. The bottom at $8,800 will not happen today, but there is a chance he week will not end before it is tested. Amid the building momentum, so is the trading volume.

Bitcoin must reclaim its position above $9,200 to be able pave the way for re-emergence above $9,500. Further correction above the Moving Averages (MAs) could boost Bitcoin towards $9,600 short-term supply. The bulls must be careful not to lose focus of the main target at $10,000.

Bitcoin Key Technical Levels

Spot rate:

Percentage change:

Relative change:

Trend:

Volatility:

Support/short-term bottom: $8,800

Resistance: $9,200 and $9,600

Author: John Isige
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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John Isige 677 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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