• Bitcoin price is under pressure and it recently broke the $9,800 support area against the US Dollar.
  • The price is currently consolidating losses below $9,800 and it remains at a risk of more downsides.
  • There was a break below yesterday’s highlighted contracting triangle with resistance near $9,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could correct higher, but upsides are likely to remain capped near $9,850 and $9,950.

Bitcoin price is showing bearish signs below $10,000 against the US Dollar. BTC is likely to continue lower if it breaks the $9,600 low and $9,500.

Bitcoin Price Analysis

Yesterday, we discussed the chances of more downsides below $10,000 in bitcoin against the US Dollar. The price followed a bearish path and broke the $9,850 and $9,800 support levels. Moreover, there was a close below the $9,850 level and the 100 hourly simple moving average. Finally, the price spiked below the $9,650 support and a new weekly low was formed near $9,601.

More importantly, there was a break below yesterday’s highlighted contracting triangle with resistance near $9,800 on the hourly chart of the BTC/USD pair. At the moment, the price is consolidating losses above $9,600. It tested the 23.6% Fib retracement level of the recent slide from the $10,079 high to $9,601 low. An immediate resistance is near the $9,800 level.

There is also a connecting bearish trend line forming with resistance near $9,800 on the same chart. The key resistance is near the $9,850 level (the recent support). Additionally, the 50% Fib retracement level of the recent slide from the $10,079 high to $9,601 low is near the $9,850 level. If there is a break above $9,850, the price could test the $9,950 resistance area and the 100 hourly SMA.

To move into a positive zone, the price must settle above $10,000 and the 100 hourly SMA. Conversely, the price might continue to move down below $9,600. The next key support is near the $9,500 and $9,400 levels, below which there are chances of another slide towards the $9,200 level.

Bitcoin Price (BTC) Breakdown Looks Real, More Downsides Incoming?

Looking at the chart, bitcoin price is showing a lot of bearish signs below $9,850 and $10,000. Therefore, there are high chances of more downsides below the $9,600 level. However, it won’t be easy for the bears to gain momentum below $9,500 in the near term. On the upside, the $10,000 level is now a solid resistance.

Technical indicators:

Hourly MACD – The MACD is likely to move back into the bullish zone.

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

Major Support Levels – $9,600 followed by $9,500.

Major Resistance Levels – $9,800, $9,850 and $9,950.



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Bitcoin Price (BTC) Breakdown Looks Real, More Downsides Incoming?
Bitcoin Price (BTC) Breakdown Looks Real, More Downsides Incoming?
Bitcoin Price (BTC) Breakdown Looks Real, More Downsides Incoming?
Bitcoin Price (BTC) Breakdown Looks Real, More Downsides Incoming?

Bitcoin Price (BTC) Breakdown Looks Real, More Downsides Incoming?

Bitcoin Price (BTC) Breakdown Looks Real, More Downsides Incoming?