Bitcoin (BTC) Retraces, Encounters a Breakdown below $9,400 Support

Azeez Mustapha


Unlock Daily Forex Signals

Select a Plan


1 - month



3 - month



6 - month






Separate Swing Trading Group



Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Service for copy trading. Our Algo automatically opens and closes trades.


The L2T Algo provides highly profitable signals with minimal risk.


24/7 cryptocurrency trading. While you sleep, we trade.


10 minute setup with substantial advantages. The manual is provided with the purchase.


79% Success rate. Our outcomes will excite you.


Up to 70 trades per month. There are more than 5 pairs available.


Monthly subscriptions begin at £58.

Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bearish
Bitcoin faces rejection as bulls were resisted at the $10,000 resistance. The bulls tested the $10,000 resistance twice before being repelled. A bearish double top was formed as the market retraced. The price retraced below the breakout level of $9,400 signaling the resumption of the downtrend. The uptrend could have continued if the $9,400 support is held. Bitcoin fell to the $8,101 low and made a downward correction. BTC is currently trading at $8,610 at the time of writing.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
After the downward correction, BTC is at level 54 of the daily Relative Strength Index. It indicates that the market is in the uptrend zone. The coin is likely to rise. The 21-day SMA and the 50-day SMA are sloping upward.

BTC/USD Medium-term Trend: Bullish
On the 4– hour chart, Bitcoin is in an uptrend. A trend line is drawn to indicate the support levels of price. During the downtrend, the bears broke the trend line as the market dropped to $8,101 low. As price breaks the trend line and closes below it, the selling pressure is likely to continue.

BTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The price breaks below the trend line and closes below it. This means a further downward move. The crypto is below 40% range of the daily stochastic. This implies that BTC is in a bearish momentum. The 12-day and 26-day EMAs are sloping upward.

General Outlook for Bitcoin (BTC)
Bitcoin has resumed a downward move as the coin retraced below $9,400 support level. Bitcoin downward move will continue if price breaks below $8,400 support level. Nevertheless, if the critical support of $8,000 cracks, the downtrend will resume.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *