RATE Group | Bitcoin Risks Drop Below $9K After 4-Day Low
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Bitcoin Risks Drop Below $9K After 4-Day Low

08 May Bitcoin Risks Drop Below $9K After 4-Day Low

Posted at 10:08h in Bitcoin News by

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Bitcoin dropped to four-day lows below $9,200 on Monday and now looks set to explore levels below the $9,000 mark, the technical charts indicate.

Yesterday’s downwards move meant the cryptocurrency closed below the 10-day moving average (MA) – signaling short-term bullish invalidation – having failed to beat the key inverse head-and-shoulders neckline resistance over the weekend.

As of writing, BTC is trading at $9,357 on Bitfinex – largely unchanged on the day, but down 6.3 percent from the recent high of $9,990. Worryingly for the bulls, the price chart analysis indicates the losses could be extended further over the next 24 hours.

1-hour chart

The inverted flag (also known as a bear flag) breakdown suggests the sell-off from the high of $9,990 has resumed and BTC could drop to $8,865 (target as per the measured height method – pole height subtracted from breakdown price).

The momentum studies also favor the bears, with both the 50-hour moving average (MA) and 100-hour MA…

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