BTC Might Face Retracement after Bought Time on The Top
The pair met a barrier at $9,880 but began a downward drop from the $9,847, falling below the $9750 support.
It broke even further to below $9,680 and the 100 hourly SMA. The drop paved the way for even harsher price declines towards the $9.5k support zone where buyers began to appear.
Later the pair managed to swing low, close to $9481with the price retracing higher. Several barriers are still present on the upside from $9,640 to $9,680. There is a creation of a significant selling trend line with barriers at just about $9,640.
Moreover, looking on the lower side, there is a crucial support zone at around $9.5k. A downside break will force sellers to take a stand, which could lead to a plunge towards the 9.2k zone, and $9,050 support.
The initial barrier on the upside is at $9,640. The significant barrier is at 9,740 at the 100 hourly SMA. to experience a new upsurge soon; buyers should take the pair above the trend line and secure momentum at around the 100 hourly SMA for a short term upsurge. Under the current drops, the pair is still at risk of falling below the $9.5k mark.