The past 48 hours Bitcoin had tested the $9,000 resistance area again, failed to break it up and quickly fell back down to the significant support level at $8,400.
It seems like nothing had really changed since our previous BTC price analysis: “Bitcoin found support at the important $8,4000 level, which is also the %38.2 Fib retracement since the last move up. From here, breaking down the $8,400 area will probably send Bitcoin to test the low levels of last week – $7,800 and then $7,300.” From the bull side, if we get supported here we will likely to test the descending line at around $8,650 and from there to $9,000.
BTC/USD BitFinex 4 Hours chart
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