- Bitcoin price failed to hold the key $ 10,300 and $ 10,250 support levels against the US Dollar.
- The price is currently trading with a bearish bias and recently tested the $ 10,000 support area.
- There is a key bearish trend line forming with resistance near $ 10,340 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is likely to revisit the $ 10,000 support level as long as it is below $ 10,400.
Bitcoin price is trading with an increased bearish bias against the US Dollar. BTC might accelerate its decline below $ 10,200 in the coming sessions.
Bitcoin Price Analysis
Yesterday, we discussed the importance of the $ 10,250 support for bitcoin against the US Dollar. The pair remained in a negative zone below the $ 10,400 resistance level and the 100 hourly simple moving average. As a result, there was a bearish reaction below the key $ 10,300 and $ 10,250 support levels. During the decline, there was a break below yesterday’s highlighted breakout pattern with support near $ 10,320 on the hourly chart of BTC/USD.
The decline gained pace below the $ 10,200 level. Moreover, the price spiked below $ 10,150 and tested the $ 10,000 support level. Recently, it recovered and climbed back above $ 10,300. However, the upward move was capped by the $ 10,350 level and the 100 hourly simple moving average. More importantly, there is a key bearish trend line forming with resistance near $ 10,340 on the same chart.
The pair is currently declining and is trading below the 23.6% Fib retracement level of the recent recovery from the $ 10,000 swing low to $ 10,348 high. On the downside, an immediate support is near the $ 10,175 level. It represents the 50% Fib retracement level of the recent recovery from the $ 10,000 swing low to $ 10,348 high. The main supports on the downside are near the $ 10,000 and $ 9,900 levels.
On the upside, there are many resistances near the $ 10,300, $ 10,350 and $ 10,400 levels. The main resistance is still near the $ 10,500 level. A successful break above the $ 10,400 level and a follow through above $ 10,500 is needed for upside acceleration in the near term.
Looking at the chart, bitcoin price is trading in a bearish zone below the $ 10,300 and $ 10,400 levels. Therefore, there is a risk of more downsides below $ 10,200. It seems like the price may perhaps revisit the $ 10,000 support. Additionally, if the bears remain in action, the price could test the key $ 9,900 support area.
Hourly MACD – The MACD is slowly moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level, with a bearish angle.
Major Support Levels – $ 10,175 followed by $ 10,000.
Major Resistance Levels – $ 10,300, $ 10,340 and $ 10,400.