Today we look at Bitcoin, which will defend the support of $ 9,500. Bears will try to drop it to $ 9,100, which is the bottom edge of the support, will they succeed?
[BTC / USD] In 2020 to present value: +34.13%
Bitcoin fell from $ 9,814 (Bitstamp) to $ 9,530 (this morning) yesterday. Today he will again fight to maintain support above $ 9,500. For several times, the bulls have retained this support, but a few weeks ago a resistance line channel was not created, which began to form only a few days ago and will not allow Bitcoin to grow above $ 9,900.
So we have a new short resistance at $ 9,900 and a weekly resistance at $ 10,300. Yesterday Bitcoin lost up to 2% of its value. At the last plunge he created a short needle to $ 9,400, so it is possible that today we look right here before we bounce.
On a larger scale of the graph, we see the prediction for the Cup and handle sample. We are currently creating a descriptor in this formula that predicted a decline. The drop can range from $ 9,500 to $ 9,100.
For the past few weeks, we’ve been tracking bulls to maintain $ 9,500, which is the top side of support. But there is no certainty for a reflection up, as we have seen in recent days. We also have to count on the $ 9,100 option that opens up several times. Bitcoin plummet also draws many other altcoins.
Many are experiencing a 30% drop, the average is 22% from the high in 2020. Unfortunately, we are currently paying for the rapid growth that has broken at this point. Not only Bitcoin but also Altcoins need to cool now.