Bitcoin price is under pressure below $10,200 against the US Dollar. BTC remains at a risk of more losses until it settles above $10,100 and $10,200.<\/p>\n
This past week, we saw a couple rejections near the $10,400 resistance in bitcoin against the US Dollar. The price struggled to gain bullish momentum above $10,350 and remained in a bearish zone. As a result, there was a bearish reaction below the $10,200 level. Moreover, the price broke the $10,000 support and settled below the 100 hourly simple moving average.<\/p>\n
The recent low was formed near $9,851 and the price is currently consolidating. It traded above the 23.6% Fib retracement level of the recent decline from the $10,315 swing high to $9,851 low. However, the price seems to be facing a lot of hurdles near the $10,080 and $10,100 levels. Moreover, there is a short term breakout pattern forming with resistance near $10,060 on the hourly chart of the BTC\/USD pair.<\/p>\n
The 50% Fib retracement level of the recent decline from the $10,315 swing high to $9,851 low is also near the $10,080 level. Therefore, an upside break above the triangle and the $10,080 resistance might open the doors for a decent rise towards the $10,400 resistance area. However, a convincing break above $10,400 is must for uptrend continuation.<\/p>\n
Conversely, the price might breakdown below the $9,900 and $9,850 levels. In the mentioned bearish case, the price could slide towards the $9,650 support area. The next key support is near the $9,400 area, below which the bears are likely to take control. They could aim the $9,000 and $8,800 levels if there is a break below $9,400.<\/p>\n<\/p>\n
Looking at the chart, bitcoin price is clearly trading below many key resistances such as $10,080. Even if there is an upside break, the bulls face an uphill task. There is a cluster of resistances between $10,200 and $10,400. Only a daily close above $10,400 might pump the price higher towards $11,000 in the coming days.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD The MACD is slowly gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BTC\/USD is currently moving lower towards the 40 level.<\/p>\n
Major Support Levels $9,850 followed by $9,650.<\/p>\n
Major Resistance Levels $10,080, $10,200 and $10,400.<\/p>\n
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Link:<\/p>\n
Bitcoin Price (BTC) Watch: Here Is Why Bulls Must Be Careful - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price is under pressure below $10,200 against the US Dollar. BTC remains at a risk of more losses until it settles above $10,100 and $10,200. This past week, we saw a couple rejections near the $10,400 resistance in bitcoin against the US Dollar. Continue reading