Bitcoin (BTC) Price Recent Breakdown Could Accelerate Decline
technical analysis

Bitcoin (BTC) Price Recent Breakdown Could Accelerate Decline

THELOGICALINDIAN - Bitcoin amount is currently adverse an access in affairs beneath 10500 adjoin the US Dollar Therefore BTC could advance its abatement if there is a breach beneath 10000

Bitcoin Price Analysis

Yesterday, BTC climbed aloft the $10,800 attrition breadth adjoin the US Dollar. However, the amount struggled to accretion drive aloft the $10,950 and $11,000 levels. A beat aerial was formed abreast $10,960 and afresh the amount started a downside correction. Similarly, there were bearish moves in Ethereum and ripple beneath $200 and $0.2700 appropriately in the accomplished few sessions.

Recently, bitcoin amount beneath beneath the capital $10,600 and $10,500 abutment levels. Moreover, this week’s followed acute bullish trend band was breached with abutment abreast $10,600 on the alternate blueprint of the BTC/USD pair. The brace is now trading beneath the 23.6% Fib retracement akin of the advancement move from the $9,488 low to $10,960 high.

Furthermore, there was a abutting beneath the $10,400 akin and 100 alternate simple affective average. An actual abutment is abreast the $10,200 level. It coincides with the 50% Fib retracement akin of the advancement move from the $9,488 low to $10,960 high. If there are added downsides, the amount could abatement added appear the $10,000 support. The declared $10,000 abutment holds a lot of acceptation in the abreast term.

If the amount fails to break aloft the $10,000 support, it could revisit the $9,488 beat low. Additionally, the amount may alike tumble beneath the $9,488 low and barter to a new account low. Conversely, if there is an upside correction, the amount could analysis the $10,400 and $10,500 attrition levels. Additionally, the capital attrition is abreast the $10,600 akin and the 100 alternate simple affective average.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin amount is adverse a solid acceleration in affairs burden beneath $10,500. Therefore, there is a accident of added downsides beneath the $10,200 support. Added importantly, a acknowledged breach beneath the $10,000 abutment ability alpha a able bottomward move. The abutting stop for the bears could be $9,500 and $9,200 in the advancing sessions.

Technical indicators:

Hourly MACD – The MACD is accepting drive in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently crumbling acutely beneath the 40 level.

Major Support Levels – $10,200 followed by $10,000.

Major Resistance Levels – $10,400, $10,500 and $10,600.