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Bitcoin Tumbles As Bears Take Control Over Market Momentum – Where To Next?

Bitcoin BTC

  • Bitcoin saw a sudden sell over the past 2 days as it dropped from a high above $180 to as low as $9,280.
  • It is attempting to bounce higher, however, the recent drop has pushed the momentum within the bearish favor.

Bitcoin dropped by a total of 8% over the past couple of days trading as it dropped back beneath the pivotal $10,000 support level. The cryptocurrency is attempting to bounce back, however, this could be the start of a further retracement lower.

Bitcoin ran into resistance at $10,360 during mid-February and has been retracing ever since. There was a slight rebound a few days ago when it bounced back above $10,000, however, the recent market sell-off has pushed it back beneath the level.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

cg-btcusd-feb20
BTC/USD – DAILY – Source: TradingView

Market Overview

Taking a look at the daily chart above, we can see that, since our last analysis, Bitcoin rolled over from the $10,360 resistance level as it started its descent lower. It initially dropped beneath $10,000 but managed to find support at $9,637 (short term .382 Fib Retracement) which allowed it to bounce back higher.

On the rebound, Bitcoin then went on to run into resistance at $10,180 and was unable to overcome this resistance – causing it to roll over and fall again. 

We can see that Bitcoin dropped as low as $9,280 before bouncing higher again. It found support at a rising trend line which will be a very important level moving forward.

Short term prediction: BULLISH

If the sellers continue to drop BTC back beneath the support at $9,656, the first level of lower support is located at $9,366 (short term .5 Fib Retracement). The support here is further bolstered by the rising trend line.

Beneath this, support lies at $9,200, $9,159, $9,095, and $9,000.

On the other hand, if the bulls bounce higher, resistance lies at $9,637, $9,185, $10,000, and $10,180.

The RSI dipped beneath the 50 level which shows that the sellers are now in charge of the market momentum. For a market recovery, we will need to see the RSI breaking back above the 50 level.

Key Levels

Support: $9,565, $9,366, $9,280, $9,200, $9,159, $9,095, $9,000.

Resistance: $9,637, $9,615, $10,000, $10,180, $10,360, $10,423.



Source: Bitcoin Tumbles As Bears Take Control Over Market Momentum – Where To Next?

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