Bitcoin Price Analysis: BTC/USD soared past $9,000, why everything points back to $8,800?
|- Bitcoin price retests the support at $9,000 but recovery is still capped under $9,100.
- A pennant pattern and a rising wedge pattern signal a possible bearish reversal likely to force BTC/USD into the $8,000’s range.
Spot rate: $9,043
Relative change: -24
Percentage change: -0.27%
Trend: Short term bullish bias
Volatility: High
BTC/USD 4-hour chart
Bitcoin price is trading between the moving averages’ support and resistance. The 100 SMA limits movement above $9,200 while the 50 SMA is positioned to offer support at $8,776 in the event a devastating breakdown occurs.
$9,000 has stood out as a key buyer congestion zone. On the upside, $9,200 is a notorious seller concentration area that must come down to allow BTC/USD to come out of the danger zone (under $9,100).
The formation of a pennant pattern suggests that bears are still hovering around and if bulls are not careful, it will not be long before the price makes a dive under $9,000.
BTC/USD 1-hour chart
Bitcoin price still struggles with bearish pressure despite the surge that almost brushed shoulders with $9,200. Moreover, a forming rising wedge pattern suggests that a breakdown is in the offing unless BTC/USD bulls cement their position on the market with a push above $9,200.
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