BTC/USD Fails $10,000 But Remains Strong Amidst Global Pandemic Fears
Having failed to hold a breakout of $10,000, the BTC/USD price has reverted to its prior support and resistance range.
Global risk-off sentiment caused a pause in the BTC/USD rally, with price now at 200 day EMA support and slightly above its prior low of $8,253
Bulls are likely eager buyers on weakness as we approach this level, anticipating price to hold above its prior low of $8,253 and retest $10,000.
Bears might re-commence shorting on a retest of $10,000, potentially staggering entries as price approaches the top of the orange zone at $9,876.
Signs of bearish divergence between BTC/USD price and its14 day RSI supports the bearish case, with momentum traders potentially shorters on a high volume break below $9,876.
Traders may continue to expect a spill-over effect from the recent volatility in global markets and the subsequent re-shifting in global risk sentiment.
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