- Bitcoin price drags altcoins into losses unable to stop the bear momentum.
- It is clear Bitcoin is oversold but a catalyst is needed to a formidable recovery.
Bitcoin is back under $10,000 after the recovery that stepped above $10,400 failed to hold ground. The grandparent of cryptocurrencies has managed to drag altcoins into losses as well. Ethereum tested $170 but failed to sustain gains towards $190 instead, forming a high at $188.50. Ripple, on the other hand, is seen trading 1.9% lower on the day. Besides, in the sight glass is the support at $0.24.
Glancing at Bitcoin’s technical levels, one can tell that the bulls are exhausted. The rollercoaster rides from the recent consolidation above $11,200 to exploring levels below $9,500 have been tiring. Moreover, the lack of energy to hold gains above $10,000 is demoralizing them and killing their spirits.
The Relative Strength Index (RSI) continues to make a lower low pattern from the levels in the first week of August. Attempts to escape the oversold have failed miserably. The Moving Average Convergence Divergence (MACD) is horizontal at -263 following a shallow recovery. Sustained correction toward the positive zone will signal Bitcoin price action towards $10,000.
Meanwhile, $9,500 is the immediate key support. The traders need also to be on the lookout for the next possible support areas at $9,200 and $9,000 respectively.
BTC/USD 4-hour chart
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