Bitcoin Price Analysis: The price has retreated again - Where will it find support?
|- Although bitcoin is trading higher on Friday the bulls cant sustain a move above 9K.
- The price has a big spike on the daily chart and now focus will be on support zones.
BTC/USD daily chart
The bitcoin bulls once again dragged the price through the 9K level once again on Friday. But once again the sellers came out in full force and the price is currently approx. 8,750.80 late in the US session. If the price closes near these levels, this will be the 3rd test above the psychological level in 3 days.
On a technical note, the price is trading above the 200 and 55 moving averages. This is a bullish sign and at some point, the price may come back and use one of them as a support level. The top of the triangle pattern could also be a support zone moving forward. When a chart pattern breaks the price often comes back to retest the pattern before the underlying move continues.
Looking at the relative strength index indicator, it seems like a pullback might be near as it is in an overbought position. This does not mean the rally is over but that in the short term the move is slightly overextended. It's clear that the bulls are in control of the underlying trend but it is interesting that the 9K level is such a barrier at the moment.
 (15)-637239580690573419.png){kind=link}
Additional levels
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.