- Bitcoin breaks down under $10,000; targeting $9,000 support range.
- Bitcoin price negative momentum is becoming unstoppable.
Bitcoin has been defiant to bullish predictions. On the contrary, analysts with bearish predictions keep telling us “I told you so.” For instance, the recent recovery from the support above $9,400 (last week low range) made it above $10,200 key resistance. However, the fight to break above the key hurdle $11,000 (20 Moving Average) was a miserable failure.
The king of cryptocurrencies’ negative momentum is becoming unstoppable. Unfortunately, it is dragging the entire market along with it. The price action extended below the short-term trendline, daily chart leaving Bitcoin at the mercy of the long-term trendline.
Various analysts popular on Twitter predict that Bitcoin is on the verge of a massive breakdown. ‘D4rkEnergY ‘says
“We are going down. Expect 7.5-5.5k USD. Huge descending triangle.”
While another analyst ‘The Crypto Panda’ predicts that Bitcoin could see a repeat of the November 2018 trend. According to him the failure to break above $12,000 was detrimental to the trend.
BTC/USD daily chart
According to our analysis, Bitcoin is indeed strongly bearish especially after breaching the support at $10,200. If the bearish momentum continues, the dumping is likely to refresh the lows towards $9,000.
Meanwhile, the Relative Strength Index (RSI) in the daily range is almost hitting the oversold but still holding ground above 40. The previous time the RSI was below this level, we saw Bitcoin slide below $9,100. Therefore, it is vital that that buyers reinforce their position at $9,800 support to avoid a possible drop towards $9,000.
Bitcoin Key Technical Indicators
Spot rate: $9,955
Trend: Strongly bearish
RSI (daily): Gradually slopping towards 40.
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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