Bear Trap? Bitcoin Price Dips Below $10K on Low Volumes

btc trap 860x430

Bitcoin (BTC) has recovered from nine-day lows hit earlier on Wednesday and may pick up a strong bid during the day ahead.The leading cryptocurrency by market value fell to $9,855 on Bitstamp during the Asian trading hours, the lowest level since Sept. 2. At that level, prices were down 11 percent from Friday’s high of $10,950.At time of writing, BTC is changing hands around $10,000, representing a 1.9 percent drop on a 24-hour basis.BTC’s drop into four figures seen earlier today validated the bearish view put forward by BTC’s failed breakout on the hourly chart on Monday.Further, the daily chart is reporting bearish conditions with a lower-highs setup. The cryptocurrency has also found acceptance below key hourly chart support of $10,060.Even so, the sellers need to observe caution, as the recent pullback lacks volume support and may prove a bear trap, as seen in the chart below.Selling volumes (red bars)…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE