Bitcoin [BTC] Glancing Towards $8,800 as bear pressure intensity soars

Bitcoin [BTC] Glancing Towards $8,800 as bear pressure intensity soars
  • The plunge to $9,100 ignited a buying spree among the investors.
  • Chart indicators show the possibility of Bitcoin plunging to $9,100 or even $8,800.
  • Bitcoin brushed shoulders with $9,000 but immediately bounced forging a shallow recovery. The immediate recovery displayed the willingness of the investor to buy low in anticipation of a surge towards the $14,000 milestone.

    The largest crypto is currently changing hands at $9,484 after failing to told ground above $9,700. In spite of the correction, the prevailing trend is still in favor of the bears. Besides, chart indicators show the possibility of Bitcoin plunging to $9,100 or even $8,800.

    At press time, Bitcoin is trading at $9,507 amid a gradually building bullish momentum. The immediate upside is hampered by the resistance at the 100 Simple Moving Average (SMA) 15-mins chart currently at $9,529. Further up, BTC will come under acute selling pressure at the 50 SMA 15-mins chart currently at $9,567.

    BTC/USD 15-mins chart

    In the short-term, the trend has a bearish inclination. The Moving Average Convergence Divergence (MACD), for instance, is stuck in the negative zone. Moreover, the gradually increasing bearish divergence further has Bitcoin glancing lower.

    The 50-Day SMA suggests that the sellers are likely to remain in control in the medium-term. In the same time frame, the MACD is moving south inside the bearish region. The increasing negative divergence is an indicator of impending selling dominance.

    BTC/USD daily chart

    To be on the safer side, Bitcoin bulls must push past $10,000 and preferably reclaim position above the 50 Moving Average. The support at $9,100 is still in danger especially with the volatility at its peak. If this area is cleared $9,000 will come in handy to stop declines that could touch $8,800.

    Bitcoin Key Technical Levels

    Key Support Areas: $9,400, $9,100 and $8,800.

    Critical hurdles: $9,800, $10,000 and $10,200.

    MACD: Increasing negative divergence suggests bears are gaining traction.

    Source