Today, Bitcoin descended to the support at $9,200 after several failed attempts at the $10,400 resistance. It was indicated in the earlier article that if the downtrend extends beneath $9,400, the selling pressure will continue. At present, BTC is reaching the low of $9,200 but may face minor resistance from the bulls.
Even so, Bitcoin will continue its downward move, if the bears overcome the support at $9,200. Expectantly, BTC will slump to $8,400 low, once the bears overcome the support at $9,100. Undoubtedly, it is unlikely if BTC will rebound at its low because the bearish momentum is ongoing.
At this time, Bitcoin has bearish momentum and is nearing the oversold region. BTC is presently below the 25% range but if it goes below the 20% range, it is oversold. It will be in that strong bearish momentums until buyers emerge. The EMAs are pointing southward indicating the downtrend.
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000
Certainly, it is becoming clearer that sellers have taken control of the price as BTC reaches a low of $9,200. Unquestionably, the downtrend will continue as the price bars are beneath the EMAs which propels the downtrend. The lower channel of the ascending channel has been broken signifying the termination of the uptrend.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.