Bitcoin started a sharp decline after it failed to continue higher above $9,800 against the US Dollar. BTC is currently testing the $9,200 support, below which it could decline further.
- Bitcoin is down more than 4% and it broke the key $9,500 support level.
- The price is trading near the $9,200 support and well below the 100 hourly simple moving average.
- There is a short-term contracting triangle forming with support near $9,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could either correct a few points or it might decline further below $9,000.
Bitcoin Price Nosedives 4%
Yesterday, bitcoin price struggled to clear the $9,700 and $9,800 resistance levels against the US Dollar. BTC topped just below the $9,800 level and recently started a sharp decline.
It broke the $9,540 and $9,500 support levels to move into a bearish zone. The bears took over the crypto market and the price tumbled below $9,300. There was also a close below the $9,300 level and the 100 hourly simple moving average.
Bitcoin tested the $9,200 support level and traded as low as $9,204. It is currently consolidating losses and trading in a range above the $9,200 support. It seems like there is a short-term contracting triangle forming with support near $9,200 on the hourly chart of the BTC/USD pair.
Bitcoin price dives 4%: Source:If there is an upside break above the triangle resistance at $9,280, the price could test the 23.6% Fib retracement level of the recent decline from the $9,662 swing high to $9,204 low. The first major resistance is near the $9,400 level, followed by the 50% Fib retracement level of the recent decline from the $9,662 swing high to $9,204 low. To move into a positive zone, the price must surge above the $9,500 resistance zone and the 100 hourly simple moving average.