Key Reasons Why Bitcoin Could Nosedive Below $10,000 In Near-Term

Bitcoin worth did not appropriate greater and declined additional beneath $10,200 towards the US Greenback. BTC stays at a danger of extra downsides beneath the $10,000 assist.

  • Bitcoin broke the $10,250 and $10,200 assist ranges to maneuver additional right into a bearish zone.
  • The value is now buying and selling beneath $10,300 and the 100 hourly easy transferring common.
  • There was a break beneath a connecting bullish development line with assist close to $10,440 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is at present correcting greater, however the earlier assist close to $10,300 and $10,450 might stop positive factors.

Bitcoin Worth is Extending Losses

Yesterday, bitcoin worth made one other try to clear the $10,500 resistance zone, but it surely failed towards the US Greenback. BTC traded as excessive as $10,528 and lately began a contemporary decline.

There was a break beneath the $10,400 and $10,300 ranges. The decline gained tempo after there was a break beneath a connecting bullish development line with assist close to $10,440 on the hourly chart of the BTC/USD pair.

Bitcoin worth even broke the $10,200 assist degree and settled nicely beneath the 100 hourly easy transferring common. A brand new weekly low is fashioned close to $10,135 and the worth is at present correcting greater. It broke the 23.6% Fib retracement degree of the latest decline from the $10,528 excessive to $10,135 low.

Bitcoin worth breaks $10,300. Supply: TradingView.com

Nevertheless, the earlier assist zone close to the $10,300 degree is now appearing as a robust resistance. The 50% Fib retracement degree of the latest decline from the $10,528 excessive to $10,135 low can be close to $10,336.

If there’s an upside break above $10,350, the worth might get well in direction of the $10,450 degree. The principle resistance continues to be close to the $10,550 degree and a connecting bearish development line on the hourly. So long as the worth is beneath the $10,550 degree, there’s a danger of a bigger decline.

Extra Losses in BTC?

If bitcoin fails to get well above the $10,350 and $10,550 ranges, it might proceed to maneuver down. An preliminary assist is close to the $10,200 and $10,100 ranges.

The principle assist is close to the $10,000 degree. If the bulls fail to guard the $10,000 assist, there’s a danger of a pointy decline in direction of the $9,500 and $9,200 ranges within the close to time period.

Technical indicators:

Hourly MACD – The MACD is slowly transferring into the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is recovering and it’s close to the 40 degree.

Main Assist Ranges – $10,200, adopted by $10,100.

Main Resistance Ranges – $10,350, $10,450 and $10,550.

About Tom Greenly

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