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Bitcoin is making a correctional decline below $10,000. The price is unable to push above it being held by the dynamic levels as support.
According to some media reports, governments and regulators are planning to eliminate cryptocurrencies and bitcoin because of their decentralization and anonymity of end-users. Bitcoin is currently making double-digit losses, sliding 24.6% week-to-date. The US government is scrutinizing Libra and Bitcoin. The US authorities claim their use should be supervised as Libra is specifically a threat to the US national security. So, commentators view this as an attempt to eliminate cryptocurrencies.
Bitcoin's downward pressure has already sent its price decisively below $10,000, which appears to have marked the end of the long period of bullish momentum that Bitcoin has enjoyed over the past several weeks. Although the drop below $10,000 is certainly negative for Bitcoin's bulls, it is important to note that the cryptocurrency is still trading significantly up over a three-month period, as it is currently up from lows of $5,000, which were set in late April.
TECHNICAL OVERVIEW:
The price is currently being held by the dynamic levels like 20 EMA, Tenkan and Kijun line as support. At the same time, it is contained by Kumo Cloud as resistance slightly below $10,000. The price is currently moving higher making corrections along the way. The Chikou Span moved above the price line that indicates a further upward move. However, it is still indecisive as the price remains below $10,000 with a daily close.
TECHNICAL LEVELS:
SUPPORT: 8,500, 9,000, 9,500
RESISTANCE: 10,000, 10,500, 11,000, 11,500, 12,000
BIAS: Bullish
MOMENTUM: Volatile
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