Bitcoin Price: Trends and Highlights for September 9
BTC/USD is trading inside a descending triangle.
- There is support at $10,275 and $10,000.
- The price has shown signs of weakness.
- It is trading below the 100- and 200-hour moving averages.
Signs Of Weakness
A look at the daily chart shows that BTC has been trading inside a descending triangle since June 26.
Going back to the short-term movement, we can see two significant support areas that are found at :
The $10,000 support area also coincides with the 0.618 fib level, making it a very suitable level for the initiation of a reversal.
At the time of writing, BTC $0.00 was inside the first support area at $10,275.
Previously, it has reached it three times, creating a long lower wick and moving upward each time.
Bitcoin Price Summary
The Bitcoin price is trading inside a long-term descending triangle.
It is currently inside a minor support area.
According to our analysis, it is likely to break down and reach the second support area at $10,000.