RATE Group | Bitcoin May See Brief Bounce After Defending Key Price Support
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Bitcoin May See Brief Bounce After Defending Key Price Support

26 Sep Bitcoin May See Brief Bounce After Defending Key Price Support

Posted at 16:20h in Bitcoin News by

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  • Bitcoin is defending the key 200-day moving average support for the third consecutive day and may see a minor bounce to $8,700.
  • A corrective bounce, if any, will likely be short-lived, as the daily and weekly chart indicators are biased bearish. The cryptocurrency will remain on the hunt for a drop to $7,500, as discussed yesterday, as long as the resistance at $9,097 is intact.
  • A break above $9,097 is needed to would weaken the bearish case. A stronger sign of bearish invalidation would be a move above the weekly chart resistance at $9,533.

Bitcoin’s repeated defense of key support may yield a minor bounce, however, the bias will remain bearish as long as prices are held below resistance near $9,100.

The top cryptocurrency by market capitalization fell more than 10 percent on Tuesday, confirming a bullish-to-bearish trend change and opening the doors for a deeper slide to $7,500.

So far, however, dips below the crucial 200-day moving average (MA) line have been…

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