Bitcoin still hovering above major support, watch for a break!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

Bitcoin continues to hover above major support at 9509 (psychological level, horizontal support, Fibonacci retracement ) and a break of this level could trigger a sell off to push price towards 7572 ( Fibonacci retracement , horizontal overlap support). We can see that price is facing major bearish momentum with a long term descending resistance line holding it down really well and it has also made a bearish exit of an intermediate ascending support-turned-resistance line.

RSI (34) sees descending resistance line add to our bearish pressure.

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This analysis is provided as general market commentary and does not constitute investment advice.
Great analysis Tickmill
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