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Bitcoin Price (BTC) Watch: Here Is Why Bulls Must Be Careful

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  • Bitcoin price is currently trading below the $10,080 resistance area against the US Dollar.
  • The price is facing many hurdles on the upside near $10,080 and $10,100.
  • There is a short term breakout pattern forming with resistance near $10,060 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could either climb towards $10,400 or it might extend its decline below $9,850.

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.

Bitcoin Price Analysis

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.

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.

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.

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.

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.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving lower towards the 40 level.

Major Support Levels – $9,850 followed by $9,650.

Major Resistance Levels – $10,080, $10,200 and $10,400.

The post Bitcoin Price (BTC) Watch: Here Is Why Bulls Must Be Careful appeared first on NewsBTC.