In today’s Bitcoin price analysis, the coin resumed a downside correction from the $10,500 and below the $10,200 level. Will the downward trend continue?
After failing to break above the $10,500 resistance, the price of Bitcoin (BTC) started correcting lower. Yesterday, the downside correction extended below the $10,400 and $10,300 support level. Moreover, the decline opened the doors for further losses as Bitcoin price dropped below the $10,200 support. It even traded close to the $10,100 level.
At the time of writing this Bitcoin price analysis, BTC is struggling to climb above the broken support at $10,200. However, it seems that recovery will not be an easy nut to crack.
On the downside, if there is an extended downside correction, Bitcoin price might test the $10,000 support. Any further downsides might discourage the bulls and the price could dip towards the $9,800 and $9, 600 support level. On the upside, if more buyers emerge, the crypto’s price will rise and retest the $10,300 level. A break above the $10,300 level could see the price surge towards $10,500 and $11,000.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the price of BTCUSD is consolidating in a range. Notably, there is a key contracting triangle forming with resistance near $10,250 on the chart. On the downside, the triangle support is near the $10,160 level.
The main support on the downside is near the $10,100 level, below which the price could continue to move down. In the mentioned case, the price is likely to revisit the $9,890 support area in the short term.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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