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Home Technical analysis

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

Aayush Jindal by Aayush Jindal
1 year ago
in Technical analysis
Reading Time: 2min 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.

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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.

Tags: bitcoinbtc
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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