- Bitcoin failed attempt to break $9,600 culminates in declines that endanger $9,200 support.
- The MCAD holds within the positive region suggesting the presence of buyers.
Bitcoin is in the middle of a retracement movement from the recent high above $9,500. The triangle breakout we explored earlier today duped buyers into a bull trap. The tentative support areas at $9,400 and $9,300 failed to cushion the drop.
BTC/USD is teetering at $9,232 after sliding below the 50 Simple Moving Average (SMA) support on the one-hour chart. It is likely the price will re-enter the apex of the falling triangle pattern.
The Relative Strength Index (RSI) is slopping downwards as an indication for the increasing bears’ grip. Continues retraction past the average could lead to price breakdowns towards $9,000.
On the other hand, with the Moving Average Convergence Divergence (MACD) holding ground above the zero line, Bitcoin is likely to stay above $9,200. From this zone, the buyers can then inject more entries to force a reversal.
BTC/USD one-hour chart
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