Bitcoin Price Analysis May.9

Following the bloody crypto week so far, Bitcoin lost the $9,400 support and MA-50 support and followed the descending line down to support at $9,000. The recent hours led a correction to the continues drop, in order to re-test of the support-turned resistance level at $9,400.

As of now, the sellers’ power seems stronger than the buyers’. The red candles are followed by high trading volumes. From the bear side, if Bitcoin will break the $9,000 support then it is likely to test the $8,500 – $8,600 support level where the important MA-200 (moving average 200 days) lies. From the bull side, breaking up the $9,400 resistance is critical for a positive continuation towards the $10K mark.

BTC/USD BitFinex 4 Hours chart

BTC May9

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Source: Crypto Potato