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Over the past days, Bitcoin had failed to support on top the $9,000 level. From there, the drop was quick to the $8,400 area, breaking down the strong moving average 200 days line, with a low at $8,218 on BitFinex.
We now see BTC consolidating around the important $8,400 support level, soon to test the descending trend line marked in light blue. Trading volume is low, typical to weekends.
From the bear side, loosing the 8,400 zone and we will probably see $7,800 – $8,000 and $7,300 afterwards.
From the bull side, breaking up the descending line could lead a re-test of the strong support-turned resistance level at $9,000. From the fundamental side, Consensus conference is soon to start in New York. Usually the crypto market and industry love the releases that are coming from there. The previous 3 conferences led nice to nice green candles (see the attached chart below).
BTC/USD BitFinex 4 Hours chart
Consensus Effect
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