Bitcoin Price Analysis –Major Correction Keeps Tossing Bitcoin Down, Will $9200 Hold?

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RESULTS

• Bitcoin loses 1.85% overnight and continues to plot more bearish
• Following a wedge break-down, Bitcoin keeps selling in a descending channel.

Over the last 24-hours, Bitcoin has dropped by 1.85%, bringing the current price to around $9535 at press time. The latest price drops could be traced to the bearish pressure in the market. More so, BTC volume is quite decreasing as well but its dominance has increased a bit to 63.3%. If buyers fail to react to price, Bitcoin could plunge at $9000.

Key resistance levels: $9800, $10000
Key support levels: $9200, $9000

Bitcoin (BTC) Price Analysis: Daily – Bearish

Last week, Bitcoin broke a 7-week rising wedge. The break-down was followed by a pullback to $10000 yesterday before dropping to $9440 (Bitfinex). After closing around $9670, Bitcoin opened short and fell at $9535 today. If the market keeps showing weakness, BTC could slump at the green support area of $9200-$9000.

Breaking $9000 may result in a further loss as Bitcoin might drop into the lower green area of $8400. Should buyers show interest, there’s an initial resistance at $9800 before Bitcoin can revisit $10000 resistance. Looking at the current daily price actions, Bitcoin is set for a major bearish correction.

Bitcoin (BTC) Price Analysis: 4H Chart – Bearish

Yesterday, we mentioned the possible break below the immediate green area of $9550 and most especially the grey rising trend line on the price chart. As we can see now, Bitcoin is currently breaking these key areas. If this drop becomes notable, we can expect the price to reach the next green area of $9200 at the channel’s support.

From there, Bitcoin is likely to bounce back at $9500 and $9800. At the moment, the key resistance here is $10000 (marked red on the 4-hours chart). Rising above this resistance would signal a bullish. Right now, Bitcoin is under the bearish radar. So, we should expect more price drops in the next few hours.

BITCOIN SELL ORDER

Sell: $9517
TP: $9337
SL: $9777