That level produced another touch in the coming down trend-line, which is marked yellow on both charts below. Bitcoin is getting remarkably close to that level once again. Breaking it, and the low $8K levels will likely come quickly.
Trading volume: Yesterdays volume was the highest day considering that June 15. From above, the very first significant assistance turned resistance level now lies at $9200.
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Cryptocurrency charts by TradingView.
Two days earlier, when everybody was bullish viewing Bitcoins impressive relocation breaking above the $9400 towards the $9800 in a matter of hours, we discussed the value of the $9800 level.
That level created another touch in the coming down trend-line, which is significant yellow on both charts below. This was the ninth (!) effort to break that hard resistance. Think what? Nine attempts– absolutely no success (aside from the fake-out on June 1st).
When you dont rating, the other group will. And when Bitcoin did not break, the method back down was simply a matter of time.
International Markets Wednesday Collapse
Yes, we are back thens when Bitcoin rate and the markets go side by side. No decoupling at this minute.
Yesterday, Wall Streets significant indices crashed 2-3%, while Bitcoin crashed from the $9600 area, breaking down $9200, marking $9K as todays low. Roughly $600 down in less than 24 hours.
How bad is this collapse? Taking a look at the following everyday chart, we can see a clear higher-low trajectory, which is textbook bullish.
The most current low was $8900 on June 15. Bitcoin is getting incredibly near to that level once again. Breaking it, and the low $8K levels will likely come fast.
The Indicators: Bearish
Taking a look at the signs, the day-to-day RSI is now at its most affordable level since March 2020, breaking down the crucial 50 level, and the red-defense line of 46.
Trading volume: Yesterdays volume was the greatest day considering that June 15. Yesterdays bloody volume was higher than Mondays surge.
Next Key Support & & Resistance Levels
As pointed out above, the vital level is the $8900– $9000 region (along with the blue rising trend-line on the 4-hour chart). A breakdown here and Bitcoin is most likely to revisit excellent old support levels.
The next considerable assistance from listed below is the May 25 low of $8650. Even more below lies $8400 and $8250– $8300 which consists of both the 200 days moving typical line (light green), the 100 days MA (white) and a long-lasting rising trend-line (yellow).
From above, the first major assistance turned resistance level now lies at $9200. Even more above is $9400– $9450, which contains the 50-days MA (pink line). This is followed by $9600.
Overall Market Cap: $261 billion
Bitcoin Market Cap: $169 billion
BTC Dominance Index: 64.4%.
* Data by CoinGecko.
BTC/USD BitStamp 4-Hour Chart.
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BTC/USD BitStamp 1-Day Chart.