Bitcoin price prediction: BTC on the way down, targeting $9900
- Bitcoin accelerates its bearish move, testing the first meaningful support
- This is a very important technical moment that might have a big effect on upcoming sessions
Technical move consistent with bullish action from recent weeks
Bitcoin entered yesterday a clear bearish trend, accelerating the speed of its downwards move. The first target at $13400 was reached yesterday early in the European session.
The movement initiated last week is consequent with the heavy gains from previous weeks and enrichens the technical picture. The way the main cryptocurrency price is correcting, moving in similar ranges than the ones seen during the bullish ride, excludes, for now, panic status in the markets, categorizing the movement as a healthy retracement that might precede future surges.
It's advisable to look for buying points in lower levels. Particularly, we could look into $11600 as a first entry point and then at $9900 as the safest entry buying point.
BTC/USD daily chart
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MACD cross is clean and still has some room down to the equilibrium point, so we can expect several trading days where lateral movement alternates with other bearish action.
Directional Movement Index is at a decisive point that might set up a bounce, which would need to be tracked with caution.
Author
Tomas Salles
FXStreet
Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.
