Techanalysis btc4 700x400 Bitcoin Price BTC At Risk Of Downside Break Below 10 200

Bitcoin Price (BTC) At Risk Of Downside Break Below $10,200

  • Bitcoin price is under pressure and it recently declined below the $10,500 support against the US Dollar.
  • The price is struggling to climb higher and is approaching the $10,200 support area.
  • There is a key bearish trend line forming with resistance near $10,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could accelerate decline if it breaks the $10,200 and $10,100 support levels in the near term.

Bitcoin price is showing a few negative signs below $10,500 against the US Dollar. BTC could struggle to recover above the $10,400 and $10,500 resistance levels.

Bitcoin Price Analysis

Recently, bitcoin price struggled to surpass the $11,000 resistance area against the US Dollar. As a result, there was a downside correction and BTC/USD traded below the $10,600 and $10,500 support levels. Moreover, there was a close below the $10,500 support level and the 100 hourly simple moving average. It opened the doors for more losses below the $10,400 level.

The price traded as low as $10,144 and recently started an upside correction. There was a break above the $10,300 level plus the 23.6% Fib retracement level of the last major decline from the $10,952 high to $10,144 low. Additionally, the price spiked above the $10,500 resistance. However, it failed to continue higher. It also struggled to clear the 50% Fib retracement level of the last major decline from the $10,952 high to $10,144 low.

More importantly, there is a key bearish trend line forming with resistance near $10,400 on the hourly chart of the BTC/USD pair. The pair is currently trading well below the $10,400 level. An immediate support area is near the $10,200 level. If there is a downside break below the $10,200 support area, there could be a bearish acceleration towards the $10,000 support area.

READ  50 Cent Accidentally Made More Than $7 Million In Bitcoin BITSENT.ORG

On the upside, the main resistances are near the $10,400 and $10,500 levels. If there is a successful close above $10,500, the price could continue to rise in the coming sessions. The next key resistance is near the $10,650 level. It coincides with the 61.8% Fib retracement level of the last major decline from the $10,952 high to $10,144 low.

Looking at the chart, bitcoin price is clearly struggling to continue higher and is trading with a bearish angle below the $10,400 level. If the price continues to decline and breaks the $10,200 support area, there is a risk of more losses below the $10,000 level.

Technical indicators:

Hourly MACD – The MACD is currently moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Levels – $10,200 followed by $10,100.

Major Resistance Levels – $10,400, $10,550 and $10,650.

Source link

Spread the love
  • Pinit fg en rect gray 20 Bitcoin Price BTC At Risk Of Downside Break Below 10 200

Related Posts

Donald Trump NTB Coronavirus Dow Futures Collapse as Trump Fails to Calm Coronavirus Alarm

Dow Futures Collapse as Trump Fails to Calm Coronavirus Alarm

  Dow Futures are down despite Trump’s call for calm in the markets. As theRead More

Spread the love
Shutterstock 373288363 1200x780 Here s Why Bitcoin Bulls Must Wait For Dip To 9 850 To Enter Again

Here’s Why Bitcoin Bulls Must Wait For Dip To $9,850 To Enter Again

Bitcoin price climbed steadily above the $10,000 resistance against the US Dollar. However, BTC couldRead More

Spread the love
Rollercoaster ride Crypto Analyst Defends 1 Million Bitcoin Prediction BTC XRP Litecoin Stellar Newsflash

Crypto Analyst Defends $1 Million Bitcoin Prediction BTC XRP Litecoin Stellar Newsflash

From a defense of one of the most talked-about Bitcoin predictions of the year toRead More

Spread the love

Leave a Reply