- Bitcoin’s recovery from levels close to $8,800 loses steam at $8.800.
- BTC/USD is inclined to make further short-term dips to $8,200 and $8,000 support areas.
- Schiff says Bitcoin risk for dropping to $4,000 or lower is immense.
The resistance level at $8,800 has proven to be a hard nut to crack. The retreat after failing to break above this level is seeing Bitcoin target the support targets at $8,200 and $8,000 respectively.
Looking back at the flash drop yesterday, BTC/USD found support at $8,125. The drop somehow created fresh demand for BTC culminating in a recovery that fizzled out at $8,800. At press time, Bitcoin is dancing at $8,280 amid building bearish momentum. The influence of the bears is likely to continue in the coming sessions.
Significantly, the relative strength index back inside the oversold. A recovery from levels around 4.76 failed to make headway above 30. The downward trend suggests that the bearish moment is getting stronger. The moving average convergence divergence also doubles down on the rising selling activities. Besides, the simple moving averages are above the price.
BTC/USD 60′ chart
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In a tweet he sent out on September 24, Peter Schiff again bashed Bitcoin following the above covered flash drop. The immediate recovery to $8,500 did not convince Schiff who maintained that the drop is just the beginning of a treacherous journey. He went ahead to say that the risk is massive for a quick drop to $4,000 or even lower.
#Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very a bearish technical pattern, and it confirms that a major top has been established. The risk is high for a rapid decent down to $4,000 or lower!
“” Peter Schiff (@PeterSchiff) September 24, 2019
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