Bitcoin Price Analysis : Bears Take Profits

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Image by mohamed Hassan from Pixabay

 

Bitcoin Price Outlook

 After the failure of the bulls to penetrate the downtrend line, BTC/USD has fallen hard in the last couple of days. The downtrend line is the best place for the bears to take profits. The pair dipped below the 50-day EMA moving average and the ascending channel which shows the weakness of the bulls in the short term.

 

BTC Price Chart


 

However, BTC  has bounced back today from the 100-day EMA, below it the $9080 level will act as a strong support. Traders should defend this support strongly. If it breaks down of $9080 level, Bitcoin may fall to $7455 level and it will turn negative.

 

Any recovery attempt from the bulls will face resistance from the moving averages and the lower line of the ascending channel.Also, the zone between $10,000 and 10,450 will be a critical place for the bulls if they want to resume the uptrend movement.

 


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