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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price (BTC) Remains In Steady Corrective Decrease

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

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  • Bitcoin price is slowly declining and recently broke the $10,000 support area against the US Dollar.
  • The price is facing an uphill task and it might continue to struggle near $10,250 and $10,300.
  • There is a major bearish trend line forming with resistance near $10,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could continue to slide as long as it is trading below the $10,400 pivot level in the near term.

Bitcoin price is under pressure below $10,250 against the US Dollar. BTC may perhaps accelerate decline as long as there is no close above the $10,400 and $10,500 levels.

Bitcoin Price Analysis

In the last two analysis, we discussed the chances of more downsides in bitcoin price below $10,400 against the US Dollar. The price broke the $10,250 support area and the 100 hourly simple moving average. Moreover, the recent decline was such that the price broke the $10,100 support area. Finally, there was a downside spike below the $10,000 level and a new swing low was formed near the $9,938.

Recently, there was an upside correction above the $10,000 level. Moreover, the price broke the 23.6% Fib retracement level of the recent slide from the $10,528 high to $9,938 low. However, the upward move was capped by the $10,200 and $10,250 levels. There is also a major bearish trend line forming with resistance near $10,250 on the hourly chart of the BTC/USD pair.

Additionally, the 50% Fib retracement level of the recent slide from the $10,528 high to $9,938 low is acting as a resistance for the bulls. Above the trend line, the next key resistance is near the $10,350 level and the 100 hourly SMA. Having said that, a successful close above the $10,400 level plus the 61.8% Fib retracement level of the recent slide from the $10,528 high to $9,938 low is needed for more gains.

On the downside, the $10,000 level is an immediate support. However, the main support is near the $9,950 level. Below $9,950, there are chances of further losses in the near term. The next key support is near the $9,800 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly under pressure and it could continue to slide below $10,000 in the coming sessions. If there is a bearish break below the $9,950 level, the price could head towards the $9,800 level. The main pivot level is near the $9,500 level.

Technical indicators:

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

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

Major Support Levels – $10,000 followed by $9,950.

Major Resistance Levels – $10,200, $10,250 and $10,350.

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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.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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