BTC Price Enters Bear Mode: Will $9K Support Zone Keep It Afloat? Traders Aren’t Sure

Libra Coin News
Tue, 09/24/2019 - 07:40
Vera Yurina
BTC is on the verge of the bearish period! Can $9K support level fail? Find this out in BTC price predictions from TradingView
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Strange things are going on with the crypto market: the altcoin season has just started, and suddenly all coins started losing their positions. Bitcoin has crashed, too. It recently touched the $9.7K level, and traders are sure it’s not the end. The bullish period is ahead, and BTC might be seriously affected. What’s the nearest support zone? Let’s read BTC price predictions from TradingView users. 

More falls to come

Bitcoin (BTC) price chart by TradingView

This is perhaps one of the most important periods in BTC history. The next 3 days should provide us our answer! If BTC breaks below the marked area (which is the 100% retrace level just like LTC just hit), cryptocurrencies will be in huge trouble. If we look at the chart, for the last few weeks to a month there has been a down channel leading to the 21 W exponential moving average. This average is the deciding factor for this current market condition and whether we see the continuation to the upside or a complete breakdown to $6,000 or lower! If these downward sloping patterns will play out to the upside, we will see the bull market continue.

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 Bear mode is on

Bitcoin (BTC) price chart by TradingView

Bitcoin (BTC/USD) just closed below EMA10 on the weekly timeframe, which means there’s some Bearish potential. It has been activated on this timeframe, if BTC/USD remains below EMA10, it is very likely to move lower and test EMA50, which is now sitting at $7,929.

There is strong support at around ~$9,000 which needs to break first before EMA50 can be tested as the next support.

For Bitcoin to reverse, the first barrier to break is close above EMA10 ($10,070). After this level is broken, we can consider higher targets on a bullish perspective. But right now we are looking bearish.

Is the summer bullish period over?

Bitcoin (BTC) price chart by TradingView

The more Bitcoin plays out, the more it seems like the bull run that people were waiting for has already happened. Following the blue trend line, it seems like Bitcoin could be heading into another bear market which will see Bitcoin sell-off to $5,000 area. Sounds dreadful? It’s a higher low than last time.

Reality is, greed comes plays a part in this as well when in reality the bull may have passed. It was still a very significant bull run in a short time frame. We see that the MACD and RSI are still bearish. There is plenty of room coming down. The thing is, alt-coins were supposed to break out these last could of days, but it seems it was short-lived. We could be heading in for a long bear market.

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Price should go to $9,500

Bitcoin (BTC) price chart by TradingView

As per the symmetrical triangle upper trend line, we should see BTC price going down to $9,500 level or even testing lower levels but ending up closing near the upper trend line by this Tuesday. In case this happens, prices should start speeding up to reach somewhere near the $10,500 level in order for the CME Bitcoin Futures close September with high gains.

Bottom Line

We can see that BTC is losing dominance, and there is a serious chance of bearish period to start and prolong. We are breaking the support levels, and if BTC touches a level below $9.7, it’s more than possible to go way lower. In the worst scenario, $9K level won’t take long to touch.  

Disclaimer: Price predictions from news.u.today should not be considered as trading recommendations. The cryptocurrency market is prone to high volatility and occasional arbitrary movements.  Before making investments, you should make your own research and be familiar with all local regulations. 

About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.


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