Welcome to a new week. Bitcoin price momentum seems to be droppings. Last week the price touched $9,913 before plunging to its present price, $8,894. The big question is ‘has bitcoin price began its downtrend?’ or ‘will bitcoin price still touch the acclaimed $10,000 level?’. The answer to these questions is all in the charts. My answer is that bitcoin could still give us the $10,000 touch if and only if level $9,323 is surpassed as this is the present resistant. The green light could be the bullish regular divergence (white lines) formed on the MACD. Also, the MACD cross seems to be taking effect soon. Why this uncertainty may be a challenge is because, at our present resistant, $9,323 bitcoin price formed a double top. This will make breaking the resistant level difficult. In conclusion, the chart patterns present more chances of bitcoin price dropping than rising. As our benchmark for a rise is at the break of $9,323, then our proof of the downtrend is if bitcoin price breaks the white trend line and further crosses below $8,428.
Looking at the technical indicators:
Major Support Level – $8,428
Major Resistance Level – $9,323
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