The famous crypto Bitcoin came under fresh selling after slumping below the 100-period exponential moving average (EMA) and the Ichimoku cloud in the four-hour chart.

According to the RSI and the Stochastics the market is fluctuating in oversold waters and hence upside corrections are likely.

Still, the market may need to run comfortably above the 100-period EMA currently at 10,873, and more importantly above the 50% Fibonacci of 11,400 of the long donwleg from 13,809 to 9,011 to boost buying confidence. However, only a steep rally above the 61.8% Fibonacci of 11,950 and hence the ascending line drawn from the 9,048 low would put the market back on an uptrend.

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Alternatively, should the decline stretch under the 23.6% Fibonacci of 10,135, support could fall towards the 9,800 hurdle. Lower the bears would likely rest between 9,450 and 9,300 before heading towards the 9,000 round-level.


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