9 Oct, 2019

Bitcoin Technical View: Weakness to Continue

The Bitcoin prices again failed to move above the $9000 level this week, forming a strong resistance around the area. Also, news from Japan on possible shutdown of Binance and regulation talks gaining pace around the governmental forums has further spooked the market. This has led to traders keeping themselves away from this market which is reflected in the volumes of last few days.

The Bitcoin has formed a bearish chart pattern on both daily and hourly timeframes as it pulled down from the $9000 level. Currently trading around the $8500, its immediate support level is at $8200 level and if it breaks this level then the next major support will be at $8000 and $7000 level eventually.

In the Ballinger Band, we can also witness that it is in a downtrend movement and has reversed its position after touching the moving average area. The Stochastic is also moving lower indicating of further selling in the counter.