Manoj B Rawal
Independent Analyst
- BTC/USD falls below $9,000.
- Trendline breakout of last week, failed.
As volatility makes a comeback in crytocurrencies, more so in Bitcoin, the price of the biggest digital coin falls below $9,000 and below the very trendline it broke out of last week, signalling the resumption of downtrend which started from its January high.
BTC/USD is down more than 2 percent in Sunday trading at $8,600, well below the trendline breakout and 200 DMA level of $9,000.
On intra day charts, support now lies around $8,490 mark, followed by $8,200 mark, while strong resistance is now placed at the 200 DMA of $9,000 mark.
Among the positive news that matters, Ethereum co-founder Vitalik Buterin presented a scalable Blockchain solution, Plasma Cash, which is an even “more scalable” version of an existing solution called Plasma, during a talk live streamed on YouTube at the Ethereum Community Conference in Paris on Friday, March 9, whch according to Buterin, will make exchanges more "hack-resistant".
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