View Bitcoin has dropped below $10,000 for the first time in 11 days, reinforcing the buyer exhaustion signaled by the weekly chart, as discussed yesterday.
A UTC close below $9,097 would invalidate the bullish setup on the daily chart.
Bitcoin was trading below $10,000 on exchanges for the first time in 11 days on Tuesday morning, and may face further losses ahead. The top cryptocurrency by market value hit a low of $9,713 at 06:00 UTC - a level last seen on June 21 - before regaining some ground.
Bitcoin's price drop is hurting the broader market as well.
The cryptocurrency market performance of the last 24 hours indicates the investors have likely begun rotating money out of bitcoin and into alternative cryptocurrencies.
With bitcoin's technical charts signaling scope for a deeper drop toward key support at $9,097, altcoins may continue to shine bright in BTC terms.
With the 5- and 10-day moving averages reporting a bearish crossover and the 14-day relative strength index reporting bearish conditions with a below-50 reading, bitcoin appears on track to test support at $9,097.
The outlook as per the daily chart would turn bearish if the cryptocurrency prints a UTC close below $9,097, violating the bullish higher-lows and higher-highs pattern.
The case for deeper losses would weaken if the price finds acceptance above the June 27 low of $10,300, although as of now that looks unlikely.
Bitcoin chart image via Shutterstock; charts by TradingView.
Bitcoin Price Dips Below $10K With Deeper Losses Likely
gepubliceerd op Jul 2, 2019
by Coindesk | gepubliceerd op Coinage
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