Bitcoin Price Prints A Bearish Pattern: Can The $9,200 Support Hold?

Bitcoin

Bitcoin Price Prints A Bearish Pattern: Can The $9,200 Support Hold?

  • Bitcoin price slides under the two-month ascending channel as lower levels towards $9,000 continue to beckon.
  • BTC/USD bulls seek support at $9,500 but if pushed further down, $9,200 will come to their rescue.

Bitcoin is trading slightly in the red on Thursday towards the end of the Asian session. However, a big chunk of losses was posted on Wednesday during the Asian session. Following the mid-week recovery to levels above $10,300, the upside became untenable. The buyers lost balance as the price spiraled under the former support at $10,200. Obviously attempts to keep the price above $10,100 and $10,000 failed. BTC/USD fell like dead weight in the air below the tentative support areas that had been highlighted at $9,800 and $9,700.

At the time of writing, Bitcoin price is trading at $9,591 after breaking under the ascending channel support. Bulls are looking for support at $9,500 (an area that has been tested once this week). However, if losses continue to due to the bear indicators that have lit up, the 38.2% Fibonacci level taken between the last swing high of $13,868 to a swing low of $6,318 around $9,200 will come in handy.

BTC/USD daily chart

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

Looking at other technical indicators such as the Relative Strength Index, Bitcoin is still on the verge of more breakdown. However, a sideways trading action above $9,500 could allow the bulls to push for consolidation in readiness for another pullback towards $10,000. A momentum indicator clearly shows sellers are in control and their influence could last longer into the next session.

Bitcoin Key Levels

Spot rate: $9,567

Relative change: -32.50

Percentage change: -0.34%

Trend: Bearish

Volatility: High

Support: $9,500 and $9,200

Resistance: $9,800 and $10,000

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Bitcoin Price Prints A Bearish Pattern: Can The $9,200 Support Hold?
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Bitcoin Price Prints A Bearish Pattern: Can The $9,200 Support Hold?
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Bitcoin price slides under the two-month ascending channel as lower levels towards $9,000 continue to beckon. BTC/USD bulls seek support at $9,500 but if pushed further down, $9,200 will come tom their rescue.
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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 441 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

Follow John @