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

The post Bitcoin Price: What Are The Charts Saying? appeared first on Latest Crypto News.

This content is synced from the rightful owners. Copyright on text and images belong to the original source.

This article was first published on: Latest Crypto News