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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Bitcoin Price (BTC) Accelerating Downsides, Bears Eye $9,200

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price struggled to recover above $10,400 and declined recently against the US Dollar.
  • The price declined heavily and even broke the key $10,000 support level to enter a bearish zone.
  • Yesterday’s highlighted key bearish trend line is intact with resistance near $10,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently trading with a bearish angle and it could even test the $9,200 support area.

Bitcoin price is under pressure below the $10,000 support against the US Dollar. BTC price is likely to continue lower and it seems like the bears are eyeing a test of $9,200.

Bitcoin Price Analysis

In the past two days, there was a steady decline in bitcoin price from well above $10,500 against the US Dollar. The BTC/USD pair traded below the $10,200 and $10,000 support levels to enter a bearish zone. Moreover, there was a break below the 50% Fib retracement level of the upward move from the $9,248 low to $11,200 swing high. It opened the doors for more losses below the $10,000 support.

More importantly, the price settled below the $10,000 support and the 100 hourly simple moving average. At the outset, the price is trading below the $9,800 support. Moreover, the price even failed to stay above the 76.4% Fib retracement level of the upward move from the $9,248 low to $11,200 swing high. Therefore, there is a risk of more losses towards the $9,300 and $9,200 levels.

The last swing low near $9,248 might act as a support. However, if there are more losses below $9,248, the price may accelerate towards the $9,100 level. The next major support is near the $8,800 level. The 1.236 Fib extension level of the upward move from the $9,248 low to $11,200 swing high is also near $8,800. On the upside, there is a strong resistance forming near $9,950 and $10,000.

Besides, yesterday’s highlighted key bearish trend line is intact with resistance near $10,000 on the hourly chart of the BTC/USD pair. Therefore, a close above the $10,000 level might a short term recovery. The next major resistance is near the $10,400 level and the 100 hourly simple moving average. A successful close above $10,400 is needed for a fresh increase to $11,000.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is under a lot of pressure below $9,800 and it might continue to slide. Overall, it seems like the bears are eyeing a test of the last swing low near $9,248.

Technical indicators:

Hourly MACD – The MACD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level, with bearish signs.

Major Support Levels – $9,500 followed by $9,248.

Major Resistance Levels – $10,000, $10,200 and $10,400.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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