Ken Chigbo
Independent Analyst
- Pressure continues to weigh on BTC/USD with price dropping below $9,000.
- Move to the downside given way by 50 and 100 DMAs.
The Bitcoin price has come under some fresh selling pressure, in the second half of the trading session. It is nursing losses of around 5%, after initially showing some signs of staging a rebound, failing to regain the psychological $10,000 mark again.
Bearish momentum has turned up a notch as the price has gone back through $9,000, to the downside. BTC/USD gave away further ground around the 50 and 100 DMAs, which were tracking around $9,200.
BTC/USD within the 1-hour time frame, the price appears to be gradually forming a head and shoulders pattern, as seen with several other major altcoins. The left shoulder has been formed, the head is currently in progress, with the neckline seen at $8,600.
BTC/USD 1-hour chart
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