Bitcoin price is trading in a bearish zone below the 9,400 support level against the US dollars. There was a break below two major bullish trade lines with support at $10,000 on the 4 hour chart of BTC/USD pair (data feed from kraken) the pair is trading lower and it may perhaps the break last Swing low of $8,410 for more losses.
Bitcoin price is currently under pressure below $9,400 against the US Dollars. Btc/USD remains at a risk of more declines towards the $8,000 levels.
It was a major bearish week since bitcoin price declined by more than 25% against the US dollars. The price trade lower and broke a couple of important support levels such as $10,000 and $9,400. The current declined has opened the door for more losses and it seems like the price may even the test the $8,000. More importantly, during the downside, there was a break below two major bullish trend lines with support at $10,000 on the 4 hour chart of BTC/USD pair.
The pair is now trading well below the $9,400 and the 100 simple moving average (4 hours). The recent low was formed at $8,413 low. However the upside move was protected by the $9,400-9,500 levels. The stated $9,400 level was a support earlier and now it is acting as a barrier for more gains. The pair resumed it down trends and it may soon retest the $8,400 level. If the current pressures remain the intact, there could be more losses towards the $8,000. The price may test the $7,600.