Feb 26, 2020
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Bitcoin Price Dives To $9,100 But This Pattern Will Soon Rocket It Above $10,000

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Bitcoin

  • Bitcoin price bearish leg extends below $9,100 after support at $9,500 was shattered.
  • A possible double-bottom pattern could soon relaunch BTC/USD towards $10,000.

Bitcoin price is still exploring how deep the rabbit hole goes. Following the shattering of the key support at $9,500, sellers’ confidence shot up incredibly. Last week’s support at $9,300 did very little to stop the energized selling lot. BTC/USD extended the lower leg to $9,090 (intraday low). The price is down 1.84% towards the end of the Asian session, besides an attempt to pull the price upwards has hit a critical snag at $9,200. Instead, BTC/USD is exchanging hands at $9,142 while the trend remains inclined to the south and volatility levels are high.

Bitcoin Price Technical Picture

According to the indicators applied, BTC/USD is still under great duress and could dive farther towards the critical $9,000. The Relative Strength Index (RSI) downward slope within the oversold region doubles down on the heightened selling pressure. Similarly, the price is trading under the moving averages where the 50 SMA is exerting pressure at $9,563.70 on the hourly chart and the 100 SMA at $9,668. The visible and increasing gap between the two moving averages signals that sellers would stay longer in the driver seat.

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