This past week, there was an increase in bearish pressure on bitcoin price from the $10,800 swing high against the US Dollar. The price started a downside move and traded below the $10,500 support level. There was also a break below the 23.6% Fib retracement level of the last wave from the $8,250 low to $11,650 high. Moreover, there was a break below a major bullish trend line with support at $10,350 on the 4-hours chart of the BTC/USD pair.
The pair traded towards the $9,400 support and declined below the 100 simple moving average (4-hours). More importantly, there was a break below the 50% Fib retracement level of the last wave from the $8,250 low to $11,650 high. It has opened the doors for more losses below $10,000. On the downside, the $9,350 support is holding losses and is preventing declines. Should there be a break below $9,350, the price may even decline below the $9,000 level. An intermediate support is near the 76.4% Fib retracement level of the last wave from the $8,250 low to $11,650 high.
On the upside, a break above the $10,000 resistance is needed for the price to move back in the bullish zone.
https://www.newsbtc.com/2018/02/25/...analysis-can-btc-usd-hold-9000/
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