Bitcoin price prediction: BTC on the way down, targeting $9900
|- Bitcoin accelerates its bearish move, testing the first meaningful support
- This is a very important technical moment that might have a big effect on upcoming sessions
Technical move consistent with bullish action from recent weeks
Bitcoin entered yesterday a clear bearish trend, accelerating the speed of its downwards move. The first target at $13400 was reached yesterday early in the European session.
The movement initiated last week is consequent with the heavy gains from previous weeks and enrichens the technical picture. The way the main cryptocurrency price is correcting, moving in similar ranges than the ones seen during the bullish ride, excludes, for now, panic status in the markets, categorizing the movement as a healthy retracement that might precede future surges.
It's advisable to look for buying points in lower levels. Particularly, we could look into $11600 as a first entry point and then at $9900 as the safest entry buying point.
BTC/USD daily chart
MACD cross is clean and still has some room down to the equilibrium point, so we can expect several trading days where lateral movement alternates with other bearish action.
Directional Movement Index is at a decisive point that might set up a bounce, which would need to be tracked with caution.
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.