Bitcoin Vulnerable to More Losses After Another Rejection Near $10.9K Highs

Aayush Jindal

1 year ago

2 mins read

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin price is down over 2% and it faced another rejection below $11,000 against the US Dollar. BTC remains at a risk of more losses below $10,350 and $10,250.

Bitcoin is failed again to clear the main $10,950 and $11,000 resistance levels.
The price is down over 2%, and it is trading below the $10,700 level and the 100 hourly simple moving average.
There was a break below a major bullish trend line with support at $10,690 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is currently correcting losses, but it could resume its decline below $10,500.

Bitcoin Price Turns Red

Yesterday, we saw a steady increase in bitcoin price above the $10,800 level against the US Dollar. BTC price even climbed above the $10,900 level and the 100 hourly simple moving average.

However, the bulls failed to gain strength and there was no upside break above $11,000. As a result, there was a fresh bearish reaction and the price declined sharply below the $10,800 support.

There was also a break below a major bullish trend line with support at $10,690 on the hourly chart of the BTC/USD pair. The pair declined below the $10,500 level and settled well below the 100 hourly simple moving average.

Bitcoin price dives below $10,800. Source: TradingView.com

A low is formed near $10,451 and the price is currently correcting higher. It broke the $10,550 level, plus the 23.6% Fib retracement level of the recent decline from the $10,931 high to $10,451 low.

The first key resistance on the upside is near the broken trend line at $10,700. It is close to the 50% Fib retracement level of the recent decline from the $10,931 high to $10,451 low. The next key resistance is near the $10,800 level, above which the bulls might attempt another upside break at $11,000.

More Losses in BTC?

If bitcoin fails to recover above the $10,650 and $10,700 levels, there are high chances of more downsides in the near term. An initial support is near the $10,451 low.

The first major support is near the $10,350 level, below which the price could slide towards the main support at $10,250. Any further losses may perhaps call for a test of $10,000.

Technical indicators:

Hourly MACD – The MACD is showing a few signs of recovery in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 40 level.

Major Support Levels – $10,450, followed by $10,250.

Major Resistance Levels – $10,700, $10,800 and $11,000.

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.

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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.