RATE Group | Sorry Bears, Bitcoin Daily Chart Suggests a Strong Bounce Is More Likely
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Sorry Bears, Bitcoin Daily Chart Suggests a Strong Bounce Is More Likely

27 Feb Sorry Bears, Bitcoin Daily Chart Suggests a Strong Bounce Is More Likely

Posted at 06:33h in Bitcoin News by

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Bitcoin started a major downside correction from the $10,521 yearly high against the US Dollar. BTC price declined below $9,000, but it is still in a larger uptrend above $8,000.

  • Bitcoin started a major correction from well above the $10,000 level against the US Dollar.
  • The price is down more than 15% from the high and it recently traded below $9,000.
  • There was a break below a key bullish trend line with support at $9,580 on the daily chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to find a strong buying interest near the $8,470 and $8,300 levels.

Bitcoin Price Could Bounce Back Sharply

In the past two days, bitcoin saw an increase in selling pressure below the $10,000 pivot level. As a result, BTC price broke a few key supports near the $9,800 and $9,600 levels to enter a short term bearish zone.

There was a close below the $9,800 level and the 100-day simple moving average. Moreover, there was a break below the 23.6% Fib retracement level of the major upward move…

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