Bitcoin (BTC) Price Final Target But Decline Far From Over
technical analysis

Bitcoin (BTC) Price Final Target But Decline Far From Over

THELOGICALINDIAN - Bitcoin amount is trading a acute declivity beneath 10200 adjoin the US Dollar BTC amount activated the final bearish ambition of 10000 as discussed in the account forecast

Bitcoin Price Analysis

Yesterday, bitcoin price activated the $10,500 abutment akin (this week’s bearish target) adjoin the US Dollar. Later, the BTC/USD brace continued losses and bankrupt a brace of important supports abreast $10,400 and $10,200. Moreover, there was a breach beneath the $10,000 abutment and the amount acclimatized able-bodied beneath the 100 alternate simple affective average. Finally, the amount traded beneath $9,800 and a new account low was formed abreast $9,635.

The amount is currently trading in a strong downtrend beneath $10,000. An actual attrition is abreast the $9,880 akin additional the 23.6% Fib retracement akin of the contempo accelerate from the $10,658 aerial to $9,635 low. However, the capital resistances on the upside are abreast $10,000, $10,100 and $10,200. Moreover, there is a key bearish trend band basic with attrition abreast $10,150 on the alternate blueprint of the BTC/USD pair.

The 50% Fib retracement akin of the contempo accelerate from the $10,658 aerial to $9,635 low is additionally cat-and-mouse abreast the $10,150 akin to act as a resistance. Therefore, an upside alteration aloft the $9,880 akin is acceptable to face sellers abreast the $10,000 and $10,200 levels. To alpha a able recovery, the amount has to ascend aloft the $10,200 attrition and accretion backbone aloft $10,250.

On the downside, the contempo low at $9,635 is an actual support. If there are added losses, the amount could extend its abatement appear the $9,500 abutment level. Added importantly, the bears could ambition the $9,200 abutment breadth in the advancing sessions.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount is placed in a able declivity beneath the $10,000 and $10,200 levels. If there is a account abutting beneath $10,000, the amount could advance losses in the advancing days. On the upside, a acceptable chase through aloft $10,250 ability set the clip for a accretion appear the $11,000 level.

Technical indicators:

Hourly MACD – The MACD is currently accepting clip in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently abreast the 20 level.

Major Support Levels – $9,650 followed by $9,500.

Major Resistance Levels – $10,000, $10,100 and $10,200.