Bitcoin ran into offers above $9,100 in the American session on Sunday and and quickly fell back to $8,460. Since then, the cryptocurrency has traded in the sideways manner in the range of $,8,460-$8,750.
A range breakdown would allow an extension of the price pullback from above $9,000 to the psychological support of $8,000.
If the range is breached to the higher side, the cryptocurrency could retest supply above $9,000.
The MACD histogram is now printing smaller bars above the zero line, a sign of ebbing bullish momentum.
So, the probability of the cryptocurrency ending the 1H consolidation with a downside move is high.
BTC dips are for buying
“On a macro scale, BTC dips are for buying, the bottom is in,” renowned market analyst @TheCryptoDog tweeted earlier Monday.
As noted last week, there is a huge breakout on the weekly chart and the pattern is still valid despite Sunday’s correction from $9,200 to $8,460.
So, there is no doubt that bitcoin has bottomed out and may fade (potential) drop to $8,000.