The Bitcoin rate (BTC) fell 5% yesterday, falling to a new low of $ 8,660 a week so far.This brand is part of 200-Tage-MA (Floating Medium), which has actually been used since the end of October.
The rest of the crypto-currencies also lost most of the day yesterday, but at least Ether (ETH) and EOS proved resilient, which is not surprising, as they had already done better than Bitcoin during the week .Visualization of the Coin360 market Why did Bitcoin slip below $ 9,000? the development of Bitcoin prices.Source: TradingView
Bitcoin recently pushed back the historic resistance of USD 9,550, which now also coincides with the 100-day GA, which has created a significant hurdle that the market-leading cryptocurrency could not ignore.
This “squeezed” the price into a price range between the 100-day MA and the 200-day MA, which ultimately led to the price drop.Since there was no historical backing in this area, freefall found a safety net only on the 50-day MA and the highest point of the previous price range.As a result, Bitcoin nevertheless managed to stay above the 61.8% retracement level of the recent recovery, which had long raised the stock from $ 7,000 to $ 10,000.
The current range is particularly interesting for buyers and speculators.
We expect that Bitcoin will soon try to recover to attack the $ 9,000.
The negative scenario
In the worst case, the slowdown of Bitcoin is only an omen.Often, when the course has failed on a crucial obstacle, it results in a violent and rapid accident.
Bitcoin has formed a separate ceiling after the Adam and Eve model, which is falling apart.The price target in this case is the maximum inverse value of the Adam model, appeared in the form of a V.This would bring Bitcoin to $ 8,000.
A slowdown in this region would also have the effect of reducing the price in the area of the retracement rates by 61.8% and 78.6%.However, this could spark a new buying interest among potential buyers who could use this opportunity to purchase the market’s leading cryptocurrency.
However, as soon as the price of bitcoin can exceed $ 9,000, the above negative scenario is out of place.
Bitcoin Price history in 4 hours.Source: TradingView The positive scenario
The positive scenario is that the bulls had already made a good recovery, which has now been slowed down by an interim slowdown.
If bulls are able to build support here, the slowdown could be only a brief downward correction caused by excessive optimism from some investors who had pushed the price too far up and too long in advance., Bitcoin Price history in 4 hours.
Source: TradingView
A first indication that this would indeed be the case would be that Bitcoin could cross again the bar of 9 000 USD this weekend.
This would increase the likelihood of the price returning to $ 9,500 or even $ 10,000 next week.
This weekend is all the more important for Bitcoin as it can be a key precursor to price developments in the coming weeks.The cops desperately need to break the $ 9,000 barrier to stay in the race, otherwise the price will return to the original $ 8,000 range.Related.
