Bitcoin price analysis: BTC/USD plunges out of an earlier reported ascending channel north
|- BTC/USD loses ground fast and breaks an ascending channel pattern.
- The price is looking to make a retest below the pattern, trend line tracking at $8,090.
The Bitcoin price came under heavy selling pressure in the latter stages of the trading session on Wednesday. Bears pilled in as the price gave $9,000 again, on the 1-hour time frame a gravestone Doji candlestick can be seen.
Bitcoin was off to a good start for the day, extending on its gains so far made this week, in its recovery for the losses suffered within recent weeks. Sentiment may have been dampened again, as another social media platform, Snapchat has cracked down on cryptocurrencies, specifically banning ICO ads.
BTC/USD had formed an ascending channel on the 1-hour time frame, but as mentioned, the price gave way at the supporting trend line and $9,000 mark. The price caught support on the 50 MA, seen at $8,750. Bitcoin is currently looking to retest the underlying trend line of the channel pattern, tracking at $8,090, which could be rejected and sent back lower.
BTC/USD 1-hour chart
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