Bitcoin Price Prints A Bearish Pattern: Can The $9,200 Support Hold?

Bitcoin price slides under the two-month ascending channel as lower levels towards $9,000 continue to beckon.
BTC/USD bulls seek support at $9,500 but if pushed further down, $9,200 will come to their rescue.

Bitcoin is trading slightly in the red on Thursday towards the end of the Asian session. However, a big chunk of losses was posted on Wednesday during the Asian session. Following the mid-week recovery to levels above $10,300, the upside became untenable. The buyers lost balance as the price spiraled under the former support at $10,200. Obviously attempts to keep the price above $10,100 and $10,000 failed. BTC/USD fell like dead weight in the air below the tentative support areas that had been highlighted at $9,800 and $9,700.

At the time of writing, Bitcoin price is trading at $9,591 after breaking under the ascending channel support. Bulls are looking for support at $9,500 (an area that has been tested once this week). However, if losses continue to due to the bear indicators that have lit up, the 38.2% Fibonacci level taken between the last swing high of $13,868 to a swing low of $6,318 around $9,200 will come in handy.

BTC/USD daily chart

Looking at other technical indicators such as the Relative Strength Index, Bitcoin is still on the verge of more breakdown. However, a sideways trading action above $9,500 could allow the bulls to push for consolidation in readiness for another pullback towards $10,000. A momentum indicator clearly shows sellers are in control and their influence could last longer into the next session.

Bitcoin Key Levels

Spot rate: $9,567

Relative change: -32.50

Percentage change: -0.34%

Trend: Bearish

Volatility: High