- 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.
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.
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.