- Bitcoin bulls seem to have fallen right into a bull trap as reversal starts to resemble June 2019 retreat from $13,800.
- Despite the ups and downs, Bitcoin has increased in value by almost 30% since the low traded in January at $6,856.
Spot rate: $9,747
Relative change: -108
Percentage change: -1.1%
Trend: Strongly bearish
Volatility: High
BTC/USD daily chart
-637169912138140944.png)
Bitcoin price could spiral beneath the first support at $9,700 as long as the RSI continues in the current downward slopping direction. Support is expected at $9,600 and a reversal is likely to emanate from there as more bulls enter the market. However, if the sellers manage to clear the support area, Bitcoin’s next stop might be $9,000.
BTC/USD 4-hour chart
-637169911404059122.png)
If the trend in the last eight weeks is anything go by, then Bitcoin is facing just a temporary setback and could soon find support at $9,600 and bounce towards $10,000. The trend in the last couple of months has seen Bitcoin pullback from recent highs, find support before rising to form new yearly highs.
Share
