Bitcoin undergoes a healthy correction

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is nursing losses for the fourth day in a row, with the price tried to challenge the key psychological support at $9,000 earlier on Wednesday. Still, the current retreat looks natural and quite logical, as a break above the $10,000 threshold, strengthened by the 200-DMA, is not an easy task for the bulls.
There are still no any significant drivers or triggers behind the move which looks rather technical than fundamental. Nevertheless, at this stage, the BTCUSD is entering a danger zone as a more sustainable movement below $9,000 will open the way to deeper bearish correction before buyers get into the game.
Should the cryptocurrency lose this important level, we will see a dip to $8,800 where the 100-DMA lies. A break below may trigger a slide to $8,500 and even lower. In the short term, the digital currency will likely make fresh attempts to remain above the $9,000 area. However, buyers will likely wait for more attractive levels to come back.


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out