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Bitcoin price analysis: BTC/USD gives in to massive sell pressure, drops below $9,000

  • BTC/USD dropped from $9,202.35 to $8,764.55 this Friday.
  • The MACD indicator has had two bearish sessions after 14 straight green sessions.

BTC/USD sellers completely dominated the market this Friday, taking the price down from $9,202.35 to $8,764.55. So far this Saturday, the price has settled around $8,774. Before this Saturday’s sudden movement, BTC/USD was trending along in a narrow $400 range. The hourly breakdown for Friday shows us that the price dropped from $9,232.50 to $8,757 within 12 hours. Since this 12-hour drop, the price has been trending horizontally.

BTC/USD daily chart

fxsoriginal

Friday’s price action found resistance at the 200-day Simple Moving Average (SMA 200) curve and dropped below the SMA 20. SMA 50 is currently acting as immediate market support. The Moving Average Convergence/Divergence (MACD) indicates two bearish sessions after 14 straight bullish sessions, while the Elliott Oscillator has had four consecutive red sessions. The Relative Strength Index (RSI) indicator is trending around 48.275.

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