Analysts believe that the uptrend Bitcoin saw yesterday may soon come to a harsh end following the cryptocurrency’s swift rejection within the upper-$9,000 region
This marked yet another rejection at this heavy resistance level, and also points to some underlying weakness amongst the crypto’s buyers
A low-time-frame ascending trendline was also broken by this movement, leading analysts to note that the recent rally will soon come to a swift end as BTC hovers above its support
Bitcoin has seen some immense volatility over the past couple of days. After posting a continued defense of $8,800, the benchmark cryptocurrency was then able to climb by nearly $1,000.
This rally led it to highs of $9,700 before it lost steam, as the resistance established here proved to be too much for buyers.
As such, the tap of this level sparked a downtrend that has since led BTC down to its key near-term support at $9,350.
Analysts believe that a break below this support will invalidate this recent uptrend and catalyze even further downside.
Bitcoin Posts Failed Breakout Attempt
At the time of writing, Bitcoin is trading up marginally at its current price of $9,400.
This is around the level at which BTC was trading at yesterday at this time, prior to its afternoon upswing that led it to highs of $9,700.
It does appear that the support existing here may be enough to slow its descent, but analysts remain cautious about its near-term outlook.
Because yesterday’s movement forced Bitcoin to post yet another rejection within the upper-$9,000 region, bears have shown the market that they have clear control over this area.
Furthermore, the overnight decline also led the crypto to break beneath a low-time-frame ascending trendline that was previously guiding the crypto higher.
One analyst recently spoke about this, noting that he is looking for a short-term movement down towards $9,160.
“BTC: LTF Diag broken. I think we go down after this consolidation. Looking at 9300, after that, green box around 9160,” he explained.
Image Courtesy of Smokey
BTC Poised to Invalidate Entire Uptrend as it Approaches Key Support
Another respected analyst explained in a recent tweet that he believes Bitcoin could soon invalidate its entire uptrend that has been built over the past few days.
He notes that a continued bout of trading above $9,360 is imperative, as a decline below this level could open the gates for it to see some serious losses.
“BTC – Lose $9350 and it’s over. – Close HTF $9600 and I change bias. A long is possible here from $9360s but I’m personally not taking it. Staying with my bias that this isn’t pretty at all (for now),” he said.
Image Courtesy of Mac
While looking at the above chart, the analyst has downside targets set at $8,150 and $7,800.
Featured image from Shutterstock. origin »
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