Bitcoin May Drop Below $9,000 as Bulls and Bears Struggle for Price Possession

The breakage of any of these levels will eventually determine the direction of Bitcoin. A price break below the $9000 will mean further selling by the bears. Nevertheless, a price penetration through the $9,600 and $10,000 price levels will mean the resumption of an uptrend.

Bitcoin Indicator Reading 

Bitcoin has a bullish crossover as the 12-day EMA is above the 26-day SMA, indicating that price is rising. BTC price is rising and if the downtrend line is broken and the price closes above it, Bitcoin will resume a bullish movement

Key Supply Zones: $10,000, $11,000, $12,000

Key Demand zones: $7, 000, $6, 000, $5,000

What Is the Next Direction for BTC/USD?

Bitcoin is assumed to have reached equilibrium between the buyers and sellers as the RSI period 14 levels 47. However, a possible downtrend is possible as the RSI is below the centerline 50. The bulls are also making concerted efforts to defend the $9,000 price level. If the bears break below the critical support level, this will mean a further depreciation for the coin.

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.