Bitcoin (BTC) Price Recovery Could Fade, Fresh Decrease Likely

  • Bitcoin price started an upside correction after trading as low as $ 9,483 against the US Dollar.
  • The price is facing a strong resistance near the $ 10,350 and $ 10,400 levels.
  • There is a major bearish trend line forming with resistance near $ 10,290 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to resume its decline as long as it is trading below the $ 10,500 resistance.

Bitcoin price is facing many hurdles on the upside near $ 10,400 against the US Dollar. BTC price is likely to extend its decline below the $ 10,000 and $ 9,950 supports.

Bitcoin Price Analysis

There was a downside extension in bitcoin price below the $ 9,600 and $ 9,500 levels against the US Dollar. The BTC/USD pair traded as low as $ 9,483 and settled well below the 100 hourly simple moving average. Recently, the price started an upside correction above the $ 9,500 and $ 9,800 levels. Moreover, there was a break above the key $ 10,000 resistance area.

The price even climbed above the $ 10,200 resistance and traded close to the $ 10,500 level. A swing high was formed near $ 10,439 and the price is currently declining. It seems like the price is forming a strong resistance near the $ 10,300 and $ 10,400 levels. An immediate support is near the $ 10,000 level. The 50% Fib retracement level of the recent recovery from the $ 9,483 low to $ 10,439 high is also a decent support near $ 9,960.

The next key support is near the $ 9,850 level. It represents the 61.8% Fib retracement level of the recent recovery from the $ 9,483 low to $ 10,439 high. If there is a downside break below the $ 9,850 support, bitcoin price is likely to resume its decline. In the mentioned bearish case, the price could revisit the $ 9,500 and $ 9,480 levels. Any further losses might push the price towards the $ 9,220 level.

On the upside, an immediate resistance is near the $ 10,250 level. Moreover, there is a major bearish trend line forming with resistance near $ 10,290 on the hourly chart of the BTC/USD pair. If there is an upside break above the trend line and the $ 10,400 resistance, the price could recover further in the near term.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price seems to be facing a strong resistance near the $ 10,300 and $ 10,400 levels. If it continues to struggle near $ 10,250 and $ 10,400, there are chances of more downsides below $ 10,000 and $ 9,850 in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly moving back into the bearish zone.

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

Major Support Levels – $ 9,960 followed by $ 9,850.

Major Resistance Levels – $ 10,250, $ 10,300 and $ 10,400.

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Analysis – NewsBTC

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