- Bitcoin slumped back under $9,500 following the rejection at $10,000.
- Support at $9,000 must be defended to avoid declines that could test $8,700.
Bitcoin has slumped right back under $9,500 following the rejection at $10,000. In fact, the price is staring right towards $9,000 after pushing through $9,400. BTC/USD is valued at $9,390 at press time after correcting lower 3.22% on the day.
The king of cryptocurrencies has come under acute selling pressure in the past seven days. An initial break above $13,000 failed to make headway towards $14,00, instead, opening the door for declines that have been pushing against support areas. The declines this week found support at $9,000 and allowed for a correction that stalled at $10,000.
Meanwhile, looking at the levels displayed by the confluence detector tool, Bitcoin is faced with three tough hurdles that it must clear in order to pave the way for gains above $10,000. $9,399 is the first resistance level highlighted by the Bollinger Band 15-mins Lower and the 61.8% Fib level 1-D.
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The second hurdle is $9,596 whose resistance is highlighted by a confluence made by the BB 1-D Lower, 161.8% Fib retracement level 1-W, SMA10 4h, SMA 10 15-mins, and the 38.2% Fib level 1-D. Moreover, another key hurdle still exists at $9,792 with several indicators converging here including SMA 100 15-mins, SMA 5 4-h, SMA 50 15-mins, BB 1-H Middle and Previous High 1-H among others.
On the downside, Bitcoin’s will find the first support at $9,202 coinciding with the PP 1-D S1. The nest support target is $9,104 which coincides with the Previous Low 1-Day and the third support is observed at $8,711: Pivot Point 1-D S2.
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