Bitcoin corrected above $9,400 for the first time this week. Unfortunately, it became an uphill task to sustain gains about above $9,500; a move that could have eventually open a gap for gains beyond $10,000. Instead, BTC/USD fell right back into the hands of the bears who wasted no time sending it towards $9,000. At the moment, Bitcoin is doddering at $9,220 amid a developing bearish trend.
Related content: Bitcoin Price Analysis: BTC/USD Begins To Make The Vital Steps To $10,000
Looking at the daily chart, Bitcoin is trading at the apex of a symmetrical triangle pattern. The brief rally mid-this week failed to break above the triangle resistance. The losses in the last 24 hours are currently seeking support above the triangle support. If the support holds, Bitcoin could embark on the journey to $10,000 again. However, if the triangle support gives in to the ongoing selling pressure, expect Bitcoin price to spiral closer to $8,000 especially if tentative support areas at $9,000, $8,800 and $8,600 crumble.
Bitcoin is leaning towards the bearish side following the rejection from $9,400. Buyers are working extremely hard to defend the support at $9,200 as well as the aforementioned triangle support.
If they succeed, indicators such as the RSI and MACD suggests that a sideways trend would take over at first. The latter is clinging to the midline while the RSI at 50 (the average). Watching the direction of these two indicators hand in hand with the volume could help tell the direction BTC/USD take. For now, holding above $9,200 seems to be the bulls’ main concern.
Read more: 4 Tips From The Experts On How To Manage Your Bitcoin Wallet
Spot rate: $9,920
Relative change: -12
Percentage change: -0.14
Trend: Bearish
Volatility: High
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