Bitcoin Price Analysis: BTC Remains Vulnerable To Declines Targeting $9,000

Published August 29, 2019 | Updated August 29, 2019

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Bitcoin Price Analysis: BTC Remains Vulnerable To Declines Targeting $9,000

  • Bitcoin price sheds over $1,000 and explores the levels under $9,400.
  • Bitcoin needs to find a credible bottom in order to focus on the higher ground.

Bitcoin is back in the rags after testing the ‘riches’ in the leg that failed to breach $10,700 level this week. The leading cryptocurrency gave to the selling pressure which thrusted it under $10,000. The devastating drop ravaged through tentative support areas at $9,800 and $9,500. BTC/USD explored the lows towards the major support at $9,000.

At press time, Bitcoin is trading at $9,430 after gaining $100 from the intraday low recorded at $9,330. The granddaddy of cryptos remains vulnerable to declines especially with technical levels having an inclination to the south.

BTC/USD 2-hour chart

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

The MACD

The Moving Average Convergence Divergence (MACD) buried deep within the negative territory, Prior to the slide, the indicator was pivotal at the mean line. The visible negative divergence at -199 signals growing bearish influence.

The RSI

On the other hand, the Relative Strength Index hit extremely oversold levels following the plunge. After bottoming out at 21.34, the indicator is heading north towards the level at 30. Resurfacing above 30 and sustaining a trend towards the average will be signal that the bulls are ready to clear the dust off the feet and focus on $10,000 again.

What’s Next?

Bitcoin needs to find a credible bottom in order to focus on the higher ground. As long as the price stays below $9,500, BTC remains vulnerable to declines that could eventually test $9,000. After all, some experts find $8,900 to $9,100 as the most viable ‘buy zone’. On the upside, it is vital that the next correction breaks the psychological $11,000. Otherwise, Bitcoin price will plunge back to the rags and this time it could explore the levels close to $8,000.

Bitcoin Key Technical Levels

Spot rate $9,457

Relative Change: -257

Open: $9,716.83

High: $9,716.85

Low: $9,330

Trend: Bearish

 

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
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 1001 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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