Bitcoin Price Risks Falling Under $8.4K If the Bulls Don't Step Up Now

gepubliceerd op by Cointele | gepubliceerd op

Bitcoin price is still retracing from the massive rally two weeks ago, which leads the sentiment to turn bearish.

Several signs indicate that the price needs to reverse quite soon, or the whole upwards move is deleted from the charts.

Bitcoin loses 200-Day MA and EMA for the second time in 2019The daily chart shows that the price of Bitcoin once again can't hold support on the 200-Day Moving Average and Exponential Moving Average.

Alongside with a drop below the crucial moving averages, the price of Bitcoin wasn't able to break the downward trendline.

The price of Bitcoin is currently hanging on a few key levels.

The price also retraced towards the golden ratio of the whole upwards push from $7,300 to $10,500.

This is a natural move for an asset that pushed 42% overnight on Oct. 25.As long as the green area holds as support and the price is moving above the 100-Week MA and EMA, investors don't have anything to worry about.

9,050 was broken as support, which caused the price to drop to the next support level at $8,700.

In the first scenario, the price is unable to break out of this short downtrend and falls below the yellow zone and golden ratio.

Here, the price is able to break out of the downtrend but lacks volume and is not able to go beyond $8,700.

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