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  • 9500 is holding for now but sellers are coming in hard for the support level.
  • 9625 was tested and rejected once today with buyers not able to find enough momentum.
  • The relative strength index indicator has moved into oversold territory.

BTC/USD intraday chart

In the 5-min intraday chart for BTC/USD above you can clearly see the sellers have come into the market to test the price lower.  

The support zone and mean value area of 9500 managed to hold but it will be interesting to see for how long as selling volume intensifies.  

There is a pretty good chance it will bounce for now but above 9547 and 9624 look like they are strong resistance levels.

The RSI has just entered oversold territory telling us that downside momentum could be overstretched and we may see a short term bounce.

Once the channel was broken it was clear there was only one-way bitcoin was going and in general terms the US dollar has been strong in all areas of finance today.

Lastly, today is the futures expiration date so we can expect some volatile action.