Bitcoin Price (BTC) Accelerating Downsides, Bears Eye $9,200
Bitcoin price struggled to recover above $10,400 and declined recently against the US Dollar.
The price declined heavily and even broke the key $10,000 support level to enter a bearish zone.
Yesterday’s highlighted key bearish trend line is intact with resistance near $10,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is currently trading with a bearish angle and it could even test the $9,200 support area.
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Bitcoin price is under pressure below the $10,000 support against the US Dollar. BTC price is likely to continue lower and it seems like the bears are eyeing a test of $9,200.
Bitcoin Price Analysis
In the past two days, there was a steady decline in bitcoin price from well above $10,500 against the US Dollar. The BTC/USD pair traded below the $10,200 and $10,000 support levels to enter a bearish zone. Moreover, there was a break below the 50% Fib retracement level of the upward move from the $9,248 low to $11,200 swing high. It opened the doors for more losses below the $10,000 support.
More importantly, the price settled below the $10,000 support and the 100 hourly simple moving average. At the outset, the price is trading below the $9,800 support. Moreover, the price even failed to stay above the 76.4% Fib retracement level of the upward move from the $9,248 low to $11,200 swing high. Therefore, there is a risk of more losses towards the $9,300 and $9,200 levels.
The last swing low near $9,248 might act as a support. However, if there are more losses below $9,248, the price may accelerate towards the $9,100 level. The next major support is near the $8,800 level. The 1.236 Fib extension level of the upward move from the $9,248 low to $11,200 swing high is also near $8,800. On the upside, there is a strong resistance forming near $9,950 and $10,000.
Besides, yesterday’s highlighted key bearish trend line is intact with resistance near $10,000 on the hourly chart of the BTC/USD pair. Therefore, a close above the $10,000 level might a short term recovery. The next major resistance is near the $10,400 level and the 100 hourly simple moving average. A successful close above $10,400 is needed for a fresh increase to $11,000.
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Looking at the chart, bitcoin price is under a lot of pressure below $9,800 and it might continue to slide. Overall, it seems like the bears are eyeing a test of the last swing low near $9,248.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level, with bearish signs.
Major Support Levels – $9,500 followed by $9,248.
Major Resistance Levels – $10,000, $10,200 and $10,400.
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