Bitcoin price breaks below $8900 support: what’s next?

Bitcoin price breaks below support what s next

Bitcoin price appeared to consolidate above the $8900 support on the 3rd of May. TradingAlchemist is a TradingView analyst who believed BTC will see an uptrend towards the $9400 mark right after the consolidation is complete.

1-Day Bitcoin Price Analysis (3rd May)

Bitcoin Price Chart

Bitcoin Price Chart by TradingView

The BTC price line stood near the $9000 mark at the beginning of the 3rd of May, after which it rose across the $9200 level, where it approached a day’s high of $9201.21 US Dollars. As the day proceeded, the cryptocurrency’s price gradually lowered on the daily chart. After 12:00 GMT, the coin had fallen below $8900 level.

The trading value stayed above $8900 until the end of the day, after which it suddenly fell below $8700. At the time of writing, BTC traded at $8660.49 US Dollars.

Bitcoin: what’s next?

The crypto analyst was of the opinion that after the completion of the consolidation period, BTC will move towards its resistance that lies near $9400.

Bitcoin Price Featured Chart

Bitcoin Price Chart by TradingView

The analyst had stated that this idea may not directly come into play, and the coin may see a short rollback towards the support line. Currently, the trading pair has fallen below the $8900 support and trades near the $8700 mark.

The ongoing trend may be a short rollback towards the support line before the cryptocurrency moves towards the resistance, though this idea will fail if the trading pair breaks below the $8400 support.

Featured Image by mohamed Hassan.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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