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$9,000: Bitcoin Breakdown Might Be The Real Deal As Altcoins Plunge
Bitcoin was rejected near the $10,500 area against the US Dollar. BTC could extend its decline as Bitcoin PriceBesides, the 50% Fib retracement level of the recent slide from the $10,400 high to $9,632 low is near the $10,000 area to act as a key resistance. The main resistance for bitcoin is near the $10,120 level and the 100 hourly simple moving average.Therefore, a successful break above $10,000 and then a follow up move above the 100 hourly simple moving average is needed for a fresh increase towards $10,500 in the near term.More Losses As Ethereum and Ripple Plunge?As mentioned, Ethereum and ripple are declining heavily, which may perhaps increase pressure on bitcoin below $9,800. If it slides below the $9,600 support, the bears could even aim a break below the key $9,500 support level.Finally, a convincing break below the $9,500 area is likely to set the momentum for a run towards the $9,000 level.Technical indicators:Hourly MACD – The MACD is slowly gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.Major Support Levels – $9,600 followed by $9,500.Major Resistance Levels – $10,000, $10,100 and $10,120.
Author: Aayush Jindal
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