Bitcoin started a strong decline after it broke the key $9,500 support against the US Dollar. BTC price is currently correcting higher from the $8,794 low, but upsides are likely to remain capped.
- Bitcoin is down more than 5% and it broke many key supports near $9,500 and $9,150.
- The price is now trading well below the $9,250 pivot level and the 100 hourly simple moving average.
- There is a key connecting bearish trend line forming with resistance near $9,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to face a strong selling interest near the $9,220, $9,250 and $9,300 levels.
Bitcoin Turns Red
Bitcoin price started a strong decline after it failed to climb above $9,800 against the US Dollar. BTC price broke many supports near $9,540 and $9,500 to enter a bearish zone (as discussed yesterday).
There was a sharp slide below the $9,250 and $9,150 support levels. It even dived below $9,000 and settled well below the 100 hourly simple moving average. It traded to a new weekly low at $8,794 before starting an upside correction.The trend line is close to the 50% Fib retracement level of the recent slide from the $9,842 high to $8,794 low. Therefore, the price is likely to face a strong selling interest near the $9,220, $9,250 and $9,300 levels in the near term.