Crypto Market Attempts Strong Recovery But Short-Term Resistance Threatens To Send Prices Spiraling Down Again

Cryptocurrency analyst Josh Rager has once again updated the public on his take on the current state of Bitcoin as the weekend draws in.

Shedding light on the big bull’s market performance on Friday with a trading chart from Coinbase, Rager explained that Bitcoin has tumbled over to resistance levels as opposed to earlier this week when the big bull was gaining support and showing possibilities of a bullish crossover.

Rager Tweeted;

“$BTC Looks like price has flipped support to resistance on the 4 hours”

At this point, trading prices could drop to the lower ends of the $9,000 mark. Still, Rager maintains that he’d still get Bitcoin at $9,000, which means that the flip over is not an overall conclusion that Bitcoin is headed for a bearish outpour. He said;

“Will continue to watch how this plays out – but I’m not worried and will certainly be a buyer if Bitcoin trends back down towards $9k

I’m out for the evening – have a great start to your weekend!”

Since the month of September, Bitcoin has been sitting between the mid and higher ends of the $9,000 mark. Entering the month with a price of $9630, a bullish crossover to the $10,000 mark had been highly anticipated and on the 2nd, BTC hit $10,345 and went ahead hit a daily high of $10,736 but later struggled to stay afloat. 

Meanwhile, since the past 24hrs, the big bull has been experiencing simultaneously bullish and bearish engulfing patterns. It would seem that sellers are pushing the price down and buyers, in their usual form have refused to settle.

On Friday at 19:30 UTC, the bulls drove prices up above the $10,800 resistance levels and put Bitcoin at a high of $10,863 where the coin was expected to crossover to the $11,000 mark. However, the bears took control and pushed price all the way down to $10,607.

Ever since then, till press time, BTC is yet to make a upclimb that high, and is now retesting prior support levels of $10,500 and $10,438.

The post Bitcoin has flipped support for resistance and might go below $9,000, analyst says appeared first on ZyCrypto.