EagleFX

Bitcoin price declined heavily this week and even broke the $10,000 support. BTC to USD is currently correcting higher, but it seems to be facing a strong resistance near $10,080 and $10,250.

  • After trading as low as $9,084, bitcoin price started an upside recovery.
  • BTC/USD broke a connecting bearish trend line with resistance near $9,750 on the 30-minute chart.
  • The price might soon test the key $10,080 and $10,250 resistance levels in the near term.

Bitcoin Price

Read: Best Bitcoin Debit Cards

Bitcoin Price Analysis (BTC to USD)

This week, bitcoin price faced a strong selling interest below the $10,800 and $10,500 support levels. BTC/USD even broke the key $10,000 support level and declined more than 15% in the past three days.

Bitcoin Price Analysis (BTC to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of BTC/USD, the pair even broke the $9,450 level and 25 simple moving average (30-minute). It traded as low as $9,084 and recently started an upside correction.

There was a break above the $9,550 resistance and the 25 simple moving average (30-minute). The price even broke the 23.6% Fib retracement level of the recent drop from the $11,058 high to $9,084 low.

Moreover, the price broke a connecting bearish trend line with resistance near $9,750 on the same chart. The price is now trading towards the $9,920 resistance level, which acted as a support earlier. Moreover, there are many resistances near the $10,000 and $10,080 levels.

The 50% Fib retracement level of the recent drop from the $11,058 high to $9,084 low is also near the $10,080 level to act as a strong barrier for the bulls.

If there is an upside break above $10,080, the price could test the $10,250 and $10,300 resistance levels. However, bitcoin must settle back above the $10,500 level to move back in a positive zone.

If there is no break and close above $10,500 in the near term, bitcoin price might resume its decline. An initial support is near the $9,550 level, below which BTC to USD will most likely revisit the $9,000 support zone.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto
eToro Risk Warning: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


All content on DemandSolutionNews.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply . //