Bitcoin Price Tests $9K as Analyst Eyes ‘Significant’ Indicator Cross

Bitcoin price retracement fails to worry analysts



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Before the weekend, we saw Bitcoin trading safely and easily on its way to $10,000. However, on our recent analysis two days ago, we had pointed out on some indicators that might put some bearish pressure on the cryptocurrency. Since then, we saw a correction of almost $300 down to a current daily low of $9130 (Bitstamp rate). On the bigger time-frame, in case this correction doesn’t go lower, it seems very healthy for the short-term since this level is a little above the 38.2% Fibonacci retracement level of the recent bullish move. As of writing these lines, Bitcoin had recovered nicely, and now the coin is back again inside the $9300 – $9400 confluence price zone. Overall, the short-term is still seeking for correction – unless the current 4-hour’s candle will close above the marked ascending trend-line (on the following chart, roughly around $9380); however, on the bigger time-frame, Bitcoin is on the right track North. In any case, Bollinger Bands, along with the declining dail...
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