Two days ago, Bitcoin experienced a plunge after it hit the resistance level set at $9,184. The king coin dropped to $8,601 and is predicted to probably lose more of its footing all the way down to $8,300.
Currently, Bitcoin is trading just a little over $8,600 with the $8,500 level not very far behind. It still has some support just below the $8,500 resistance level even with a loss of the trajectory carried to the 9-day moving average.
The $8,600 resistance level is however holding rather strongly even though it hit highs of $8,739 before it fell to current levels above $8,656.
Bitcoin’s 4-hour chart continued its usual fluctuation at the time, between lows of $8,474 and highs of $8,744. The good news here is that since it rose above and stayed on levels around $8,600, it hasn’t dropped in the neighbourhood of $8,400.
It is expected that the current price range between $8,600 and $8,700 will still be maintained for quite a while before any more serious movement is recorded.
The $8,400 level is however important. At the moment, Bitcoin seems to be fighting to stay far above that level. If, however, there is a decline below $8,400, then a deeper fall to $8,000, $7,800 or even $7,600 is possible.
If that doesn’t happen, then there is a better chance of better prices in the near future.
Image Credits: Pixabay