Bitcoin continues to fail key support while prices drift away from the sub-$9k area
RSI is looking to find support at the 30.0 oversold condition
Inbound bear market promises lower prices in the short term. $8,950.
The price of bitcoin keeps rejecting higher heights as the top cryptocurrency fails at major support levels. Bitcoin is expected to attain a lower price altitude within the next few days if the sellers continue to pressure hard.
In the long run, buyers stepping in to reverse an inbound bear market will have to conjure enough momentum in order to stand a chance to compete. While the struggle is ongoing, BTC may be seen to continue its long-held price consolidation.
At present, bitcoin is changing hands at $9,182 having slipped by around 1% for the last 24 hours. Although bitcoin is seen to show the most resistance to the ongoing bear markets seen in many altcoins, it was also the least gainer in the bull markets preceding this time. The market capitalization of bitcoin is presently around $169.3 billion.
Also read Bitcoin Price Prediction 2020
BTC/USD Technical Analysis
Bitcoin price penetrated the midline moving average of the Bollinger bands while failing to establish strong support at $9,200. Below the current level at $9,182, additional support exists at $9,100. The bulls must take action at this level if a devastating price plunge is to be prevented.
In the event that the bears come out stronger, prices will fall below $9,100 and seek to establish support at the $9,000 corner. This move may instigate further plunge towards the sub-$9k area.
The Resistance Strength Index (RSI) plummeted below the average level at 50.0. Signifying a major selling pressure, the waves may push prices below the oversold condition at 30.0. At this level, we may expect a confluence of bearish indicators. First, RSI bearish at 30.0 and prices touching the very bottom of the Bollinger indicator where Bitcoin may be struggling around $8,950.