fxs_header_sponsor_anchor

Bitcoin Price Prediction: the risks of BTC/USD collapse below $9,000 are growing  — Bitcoin confluence

  • BTC/USD bears try to push their agenda and threaten $9,000.
  • The downside is a path of the least resistance at this stage.

Bitcoin (BTC) tested the intraday low of $9,076 amid massive sell-off on the cryptocurrency market and recovered to $9,1120 by press time. The first digital coin has been drifting lower since the start of the day amid global sell-off on the cryptocurrency market. Currently, BTC/USD is moving within a short-term bearish trend, the volatility is high.

BTC/USD 1-hour chart

BTC/USD may be vulnerable to further losses as the RSI on the intraday charts points downwards. However, from the longer-term point of view, BTC is still in the range as long as the lower boundary of the recent consolidation channel $9,000 remains unbroken. 

Bitcoin confluence levels

There are a few technical barriers clustered above the current price, while a road to the South is practically clear. It means Bitcoin may be vulnerable to further losses at this stage, while the bulls may have a hard time building momentum. 

Resistance levels

$9,200 — 4-hour SMA100, the middle line of the 1-hour and the daily Bollinger Bands, 38.2% Fibo retracement daily and daily, 23.6% Fibo retracement monthly
$9,300 — the highest level of the previous day, 1-hour and 4-hour SMA200
$9,500 — the highest level of the previous week

Support levels

$9,000 — Pivot Point 1-week Support 1, the lower line of the daily Bollinger Band
$8,870 — daily SMA100, the lowest level of the previous month
$8,500 — daily SMA200, Pivot Point 1-month Support 2

BTC/USD, 1-day

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.