Bitcoin price levels to watch when the trader says the lights will go out below $21.6K

Bitcoin (BTC) was resting on multi-week support when Wall Street opened on March 9 as concerns mounted over a deeper BTC price slide.

BTC/USD 1-Day Candlestick Chart (Bitstamp). Source: TradingView

Dealer: $19,700 “on the table”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $21,800 on Bitstamp.

With $22,000 in danger of flipping from support to resistance, popular trader Pentoshi was among those warning that another pullback in support could be next.

“We did it. However, Best r/r is currently not a fan of the Slow Bleed. I would have liked an SFP (it can still come)”, he wrote in an update to a previous BTC price prediction.

“Under that it can get ugly w 19.7-20.5k on the table.”

Annotated BTC/USD chart. Source: Pentoshi/Twitter

An accompanying chart showed the importance of the current spot price zone within Bitcoin’s broader range – and the possible consequences of the range were lost.

Trader and commentator Nunya Bizniz pointed to a similar bearish signal currently playing out in the form of Bitcoin’s 200-day exponential moving average (EMA).

Based on historical patterns, he warned, there was clearly room for loss.

The 200-day EMA was also included in the roadmap of well-known trader and commentator Pierre, who concluded that BTC/USD could hardly be prevented from falling to its 100-day MA should a breakdown occur now.

Annotated BTC/USD chart. Source: Pierre/Twitter

Dollar falls after resistance rematch

Data from Binance’s order book, meanwhile, showed the “busy” area of ​​bid and ask liquidity around the spot price.

Related: Bitcoin continues liquidating longs as BTC price action breaks $22,000 support

As new payrolls data is due out of the United States, the observational resource Material Indicators braced for volatility that is yet to come.

In a glimmer of hope that day, Wall Street macro markets began to rise, with the US dollar shedding ground it had gained earlier in the week.

The US Dollar Index (DXY) was down 0.4% at the time of writing, while the S&P 500 and Nasdaq Composite Index were both targeting a 0.5% gain.

US Dollar Index (DXY) 1 hour candlestick chart. Source: TradingView

The views, thoughts, and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.


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