Bitcoin Faces Sub-$9K Price Move as Bear Trend Strengthens


  1. Bitcoin dipped to $9,111 over the weekend, forming a bearish candle, despite a quick bounce back above $9,600.

  2. For the sixth day in a row, prices continue to trend below the 50-period moving average – an indication the bears firmly control the short-term trend.

  3. The daily and weekly RSI and the “awesome” oscillator are beginning to flash bearish warning signs.

  4. Bitcoin would see a reversal of the short-term bearish outlook only if prices close above $9,880 (July 25-27 resistance) on Bitstamp.

Bitcoin (BTC) dropped to a low of $9,111 at around midnight, then quickly rebounded as the bulls pounced on the opportunity for lower prices and bought the cryptocurrency back up to a high of $9,725 (on Bitstamp) so far on Monday.

However, the general momentum is still favoring the bears, with chart indicators calling a move toward $9,100 and possibly as low as $8,800.

Further, the 50-period moving average (MA) on the daily chart suggests that the bears are beginning to stretch the case for seizing control of the mid-term trend too.

At press time, BTC is changing hands at $9,475, according to CoinDesk’s bitcoin price index.

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