Over the previous hour or two, Bitcoin bulls have been making an attempt to defend $9,000: simply look beneath, the place you possibly can see plenty of wicks beneath that worth on the 15-minute chart. Up to now, $9,000 has been defended, with each print of a worth beneath $9,000 shortly being purchased up, leading to a collection of short-term candle closes above $9,000.
This worth motion comes after the main cryptocurrency has bled out over the previous few days, falling from as excessive as $10,000 on Sunday to $9,000 in the present day.
According to FloodXBT, considered one of BitMEX’s most worthwhile merchants and considered one of Crypto Twitter’s hottest analysts, the resistance bears are going through at $9,000 is crucial.
In truth, he dubbed the $9,000 area a “do or die” zone for BTC, drawing consideration to the actual fact this degree has acted as assist for reversals in BTC over the previous few weeks. Flood beforehand urged his followers to “bid $9k and thank me later,” indicating that is the place he sees Bitcoin bottoming within the close to time period.
DO OR DIE
COUNTER TRADE ME HERE:https://t.co/NQWTKTej5n pic.twitter.com/On81mOLgtW
— Flood [BitMEX] (@ThinkingUSD) February 26, 2020
Sadly, not many are satisfied Bitcoin will maintain up right here, citing that the pattern is clearly sloped downward for the main cryptocurrency and its altcoin ilk.
Analysts Don’t Suppose Bitcoin Will Maintain $9,000
Outstanding trade investor Josh Rager not too long ago shared the beneath chart to his Telegram channel, remarking that regardless of BTC holding $9,000, the latest worth motion has introduced it beneath a descending channel it has traded in over the previous few days.
This pattern, he claims, suggests Bitcoin can be drawn in the direction of $8,600 within the coming days.
There’s additionally evaluation from Filb Filb, the pseudonymous dealer that known as all of Bitcoin’s worth motion in This fall of 2019 and the next restoration into 2020. He wrote in a latest Telegram remark that his indicator means that BTC is presently in a decisive downtrend throughout short-term time frames, making a break beneath $9,000 probably inevitable:
“Draw back targets [of] the 200-day transferring common, 20-week transferring common, and 50-week transferring common appear good for a bounce, however the 200-day transferring common isn’t actually misplaced in a bull run, so shedding that could possibly be extra of a big situation. However, I’m on the lookout for longs down there.”
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