Bitcoin price rested above $9600 on the 9th of May as it traded between the $9600 and $9800 levels for the day’s trade. The cryptocurrency fell bearish and abruptly fell below $8400 right after concluding the price chart for the day.
Jay Shree is a TradingView analyst who believed that Bitcoin will fall to a new down after it reaches below $9819.
1-Day Bitcoin price analysis (9th May)
Bitcoin price chart by TradingView
The cryptocurrency shows a smooth curve for the trade of the 9th of May, this means that BTC did not show any major changes in its price for the day.
At around 6:50 PM, the Relative Strength Index (RSI)Â fell to a low of 2.67. This means that the cryptocurrency was highly oversold at the time.
The cryptocurrency traded between the $9600 and $9800 levels until the end of the day. After which BTC turned quite bearish and fell below the $8400 mark on the 10th of May. At the time of writing, Bitcoin traded at $8660.22 US Dollars.
Bitcoin: headed into another fall?
The crypto analyst drew a parallel trading channel between the $9200 and $9400 levels while suggesting that the cryptocurrency will fall into that area.
Bitcoin price chart by TradingView
After the 9th of May ended, the cryptocurrency began to show its bearish momentum below $9819, as suggested by Jay Shree. But given the volatility of the cryptocurrency, it is very well possible that the cryptocurrency may take another side to hit a new high sometime soon just as much as the likelihood of a fall.
Instead of moving to the parallel trading channel, the BTC price fell further below the bottom line of the channel, and it currently trades near $8800.
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.
