Bitcoin Risks Drop Below $9K Following Low
Bitcoin Risks Drop Below $9K After 4-Day Low
Bitcoin fell to four-day lows below $9,200 on Monday and today looks set to research levels below the9,000 indicate, the specialized charts indicate.
- BTC could fall to $8,865 (keep flag goal).
- A daily near (as per UTC) below the 100-day MA located at $8,897 will affirm that a short-term bullish-to-bearish fad change and might yield a deeper drop to $7,787 (61.8 percent Fibonacci retracement of the rally out of $6,425 to $9,990).
- On the other hand, a move above $9,678 would place $10,000 back on the map. Having said that, just a daily close above $10,000 would reestablish the bullish outlook.
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The inverted flag (also known as a recall flag) collapse suggests that the sell-off from the amount of $9,990 has declared and BTC can fall to $8,865 (goal as per the measured height process – pole height subtracted from breakdown price).
Consequently, the cryptocurrency looks likely to find acceptance below the ascending trendline (drawn from the April 18 reduced and May 1 reduced) and possibly fall below the9,000 mark at the next 24 hours or so.
Yesterday’s downwards move supposed the cryptocurrency closed below the 10-day moving average (MA) – indicating short-term bullish invalidation – having failed to beat the crucial inverse head-and-shoulders neckline immunity over the weekend.
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The momentum studies also prefer the bears, with both the 50-hour moving average (MA) and 100-hour MA demonstrating a bearish bias (sloping downwards). What’s more, the 50-hour MA seems set to cut the 200-hour MA from above (provincial crossover).
Further, the BTC’s attempt to retake the 10-day MA failed earlier today and also the 5-day MA has adopted a bearish bias.
As mentioned earlier, BTC closed below the 10-day MA yesterday, suggesting that the rally from the April 1 reduced $6,425 was made a temporary high at $9,990.
As of writing, BTC is investing in $9,357 on Bitfinex – mostly unchanged on the day, but down 6.3 percent from the current high of $9,990. Worryingly for the bulls, the price chart analysis indicates the losses may be extended further over the next 24 hours.