Bitcoin price analysis: BTC/USD declines 8% on Tuesday, $8,800 could be the next stop
|- In the long term the path of least resistance is in the upward direction.
- Bitcoin price is testing the 23.6% Fib retracement level in a downside roll.
Bitcoin price is trading ups and downs after dropping considerably during yesterday’s trading. The downside movement was initiated at $9,854 only to find support $8,664 level. Currently, BTC/USD is exchanging hands at $9,000.
Technically looking at the charts, the 100-simple moving average is above the 200-simple moving average indicating that in the long-term the path of least resistance is in the upward direction. The two moving averages meet at $9,317 to show that the price could consolidate close to $9,500.
Bitcoin price is forming a key bearish trend line $9,050. It is testing the 23.6% Fib retracement level in a downside roll. Bitcoin price could fall further if the upside momentum does not sustain the gains above the 38.2% Fib retracement level with a previous swing high of $9, 854 and a low of $8,869. If the price declines further, the next stop could be the major support level at $8,800.
BTC/USD price hourly chart
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