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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Bitcoin Price (BTC) Breaks Down, Turns Sell On Rallies

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • Bitcoin price failed to climb higher and declined sharply below $10,000 against the US Dollar.
  • The price is now trading well below the $10,000 level and it could struggle to recover in the near term.
  • There was a break below a contracting triangle with support at $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is under pressure and it is likely to decline further towards the $9,500 support.

Bitcoin price is back in a negative zone below $10,000 against the US Dollar. BTC is facing uphill task and it might face sellers near $9,925 and $10,000.

Bitcoin Price Analysis

This week, we saw ranging moves in bitcoin below the $10,300 resistance against the US Dollar. BTC struggled to climb higher and recently broke many key supports near the $10,200 and $10,150 levels. Moreover, there was a close below the $10,150 level and the 100 hourly simple moving average. It opened the doors for a sharp decline below the $10,000 support area.

More importantly, there was a break below a contracting triangle with support at $10,150 on the hourly chart of the BTC/USD pair. The pair even broke the $9,900 support area and traded close to the $9,600 level. A swing low was formed near $9,635 and the price is currently correcting higher. It broke the 23.6% Fib retracement level of the recent slide from the $10,210 high to $9,635 low.

An immediate resistance on the upside is near the $9,900 and $9,925 levels. Additionally, the 50% Fib retracement level of the recent slide from the $10,210 high to $9,635 low is near $9,925. However, the main resistance is near the $10,000 and $10,050 levels (the previous support levels). Therefore, an upside correction towards the $10,000 level might face a strong resistance.

On the downside, an immediate support is near the $9,750 level. If there are more downside, the price could even break the recent low at $9,635. The next key support area is near the $9,550 and $9,500 levels, below which the bulls might struggle to protect strong declines.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is currently in a bearish zone below the $10,000 level. In the short term, there could be an upside correction, but the $10,000 area could stop the recovery. On the downside, the main supports for the current decline is near the $9,600 and $9,500 levels, where the bulls may take a stand.

Technical indicators:

Hourly MACD – The MACD is currently placed heavily in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher from the oversold readings.

Major Support Levels – $9,750 followed by $9,600.

Major Resistance Levels – $9,925, $10,000 and $10,200.

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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