Bitcoin is moving with a short-term bearish bias with the local support located at $8,700. Previously this level attracted new buyers and helped to engineer the recovery. However in case of a break below the aforementioned support, downward move toward $8000 may accelerate. One should be aware that if the bulls fail to save the price from declining below the $8000 level, which is additionally strengthened by 200 MA (red line), then this might be a beginning of a very devastating downtrend.
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Open account Try demo Download mobile app Download mobile appBitcoin fell by 4% on Monday, violating the support of the 2.5-month-long bullish trendline. The breakdown is backed by a slightly deeper bars on the MACD histogram, a sign of strengthening bearish momentum. However if bulls will manage to take control, then the local resistance is located around $9,400. Source: xStation5
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