- Bitcoin engages reverse gears on finding higher seller congestion at $9,500.
- Bitcoin price target shifts quickly from $9,500 to $9,000 amid the deteriorating bullish picture.
The Asian session in the cryptocurrency market is coming to an end with cryptocurrency prices turning red. Bitcoin is dropping quickly towards $9,300 after failing to break the resistance at $9,500. Ethereum, on the other hand, is struggling to hold above $190 while Ripple’s XRP is fighting tooth and nail to avert gliding under $0.30.
Meanwhile, Bitcoin is trading at $9,318, although it opened the session at $9,430. This represents a 1.15% drop on the day. The shrinking volatility tells you that the downtrend is unlikely to extend further. Besides, $9,200 is key support and if push comes to shove, BTC/USD will seek refuge at $9,500.
Looking at the four-hour chart, Bitcoin failed in an endeavor to break above the falling triangle resistance. This is plausibly why the bears are fueled to push the price to lower levels. The Relative Strength Index (RSI) is trending lower as a signal that the dominant bearish momentum could last longer. The Moving Average Convergence Divergence (MACD) has a bearish cross which emphasizes the growing bearish control.
BTC/USD four-hour chart
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