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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
technical analysis bitcoin
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Bitcoin Price (BTC) Is Slowly Turning Sell On Rallies

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • Bitcoin price is jumped higher recently, but it struggled to continue above $10,500 against the US Dollar.
  • The price is currently trading in a bearish zone and it could accelerate losses below $10,200 in the near term.
  • There is a connecting bearish trend line forming with resistance near $10,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is slowly turning sell on rallies near the $10,450 and $10,500 levels.

Bitcoin price is currently trading in a range below $10,500 against the US Dollar. BTC could decline further if it continues to struggle below the $10,500 level.

Bitcoin Price Analysis

In the past few sessions, bitcoin price remained in a bearish zone below $10,600 against the US Dollar. The decline was such that the BTC/USD pair broke the $10,200 support area as well. Moreover, the price spiked below the $10,100 level. A new swing low was formed near the $10,054 and recently the price corrected higher. It spiked above $10,400, but the bulls failed to gain traction above the $10,500 level.

A swing high was formed near $10,529 and the price is currently correcting lower. The price broke the $10,400 level plus the 50% Fib retracement level of the last wave from the $10,054 low to $10,529 high. Moreover, the price is trading well below the $10,350 level and the 100 hourly simple moving average. An immediate support is near the $10,250 level and the 61.8% Fib retracement level of the last wave from the $10,054 low to $10,529 high.

If there is a downside break below the $10,250 support, the price could revisit the $10,050 support area. Any further losses could accelerate decline below the $10,050 and $10,000 levels. A clear break below the $10,000 level might call for a drop to $9,500.

On the upside, an immediate resistance is near the $10,350 and $10,400 levels. Moreover, there is a connecting bearish trend line forming with resistance near $10,450 on the hourly chart of the BTC/USD pair. The 100 hourly SMA is also near the $10,400 level. Therefore, it won’t be easy for the bulls to push the price above the $10,400 and $10,500 resistance levels.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is facing an increase in selling interest below the $10,500 level. As long as the price is trading below the $10,500 level, there are chances of more downsides. If not, the price could surge towards the $11,000 level.

Technical indicators:

Hourly MACD – The MACD is about to move back into the bearish zone.

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

Major Support Levels – $10,250 followed by $10,050.

Major Resistance Levels – $10,400, $10,500 and $10,550.

Tags: bitcoinbtc
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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