The Bitcoin price is trading at $9,556 at press time, marking a 6.34% price decrease. All the major cryptocurrencies like BTC, ETH and XRP dropped sharply in price. Within 35 minutes bitcoin dropped by about 6%, falling from over $10,250 to $9,650. Bitcoin is now getting support at $9400.
Now 3 important things to consider as Technical analysis : 1. Bitcoin has support and reversal from 0.382 level according to one of the important trading indicator fibonacci retracement. Bitcoin needs to stay above $9400, as from last two months it proves itself as an important key level and support. Four times in last two month it reversed back from that levels.
Will it be able to reverse for the fifth time? If it closes below $9400, We might see more downfall to $8600 and $7200 but when we see last four failed attempt, We get hope and chart also shows to have a good support at $9400.
2. RSI - If we consider daily chart , RSI is below 40 which is also now showing healthy position. It is more in over sold position now and it is at the level of February when bitcoin was around $3600. In weekly chart also we can see RSI below 60. 3. 21 Moving Average - If you notice one year chart, 21 MA always was a good support for Bitcoin for last two months in daily chart but now it is over the bitcoin price. This is also not a good indicator for bitcoin price but when we see it in larger picture of weekly chart then 21 MA is showing good support. So, we need to keep eyes on this as well. Resistance - $11500 - $12400 - $13500 Support - $9400 - $8600 - $7200 Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This should not be treated as financial advice. #Bitcoin #Crypto #BitcoinTA #CryptoCrash #BitcoinCrash #BTC #TechnicalAnalysis #BEI #BEI24