- BTC/USD is crashing lower after the short-term consolidation period.
- Strong support area comes on approach to $9,000.
Bitcoin (BTC) resumed the decline after a short period of range-bound trading. At the time of writing, BTC/USD is changing hands at $9,360, off the intraday low of $9,329. The first digital coin has lost over 7% of its value in recent 24 hours and nearly 4% since the beginning of the day.
Bitcoin’s technical picture
Looking technically, a sustainable move below $10,000 has darkened the short-term picture. Now Bitcoin (BTC) is moving fast towards the next critical support $9,000 amid strong bearish pressure. The initial support is created by the lower line of the 1-hour Bollinger Band at $9,265. Once it is out of the way, the sell-off is likely to gain traction and take us to the psychological $9,000 that is likely to stop the bears for the time being. However, if it is sustainably broken, all hell would break loose for BTC.
On the upside, we will need to see a sustainable move above $9,800 to allow for a further recovery towards $10,000. This area contains SMA50 (Simple Moving Average) 1-hour and the middle line of 4-hour Bollinger Band. Once it is out of the way, the price may retest $10,300 with SMA100 4-hour located on approach.
BTC/USD, 1-hour chart
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