Bitcoin price analysis: BTC/USD bye-bye, $9,000, hello, $8,400?
|- BTC broke below $9,000, bearish momentum gaining traction
- What can stop this train full of bears?
Bitcoin's bearish trend is gaining momentum. The coin dropped below $9,000 which triggered stops clustered right below this critical area. The selling pressure is growing exponentially, with BTC/USD trading at $8,760, while I am writing this words, though there is a good chance it will be quite different by the time the story goes online. Not that I am a slow writer, but I still cannot beat this market, when it gets moving.
Let's have a quick look at the support levels that can stop or at least slow down this bearish train. The first one comes at $8,400, which is 38.2% Fibonacci retracement of the decline from $11,567 to $6,483. This level served as a strong resistance in the middle of April, now it can do a service in a new capacity.
Then goes $8,300 (50-DMA) and, naturally $8,000. Let's hope, that we won't get that far (and not so fast), but if this level gives way, 23.6% Fibo retracement at $7,763 will come into focus.
The nearest resistance is seen at $8,900, followed by $9,000.
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