Bitcoin price is trading in a minor downtrend below the ,500 resistance against the US Dollar.The price is holding a couple of important supports near the ,150 and ,880 levels.There is a crucial breakout pattern forming with resistance near ,320 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could either rally sharply above ,350 or it could extend its decline to ,880 and ,750.Bitcoin price is trading in a contracting range above ,000 against the US Dollar. BTC is likely setting up for the next crucial break in the near term.Bitcoin Price AnalysisRecently, bitcoin price failed to climb above the ,500 resistance against the US Dollar. As a result, the BTC/USD pair started a slow and steady decline below the ,400 support. Moreover, there
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- Bitcoin price is trading in a minor downtrend below the $10,500 resistance against the US Dollar.
- The price is holding a couple of important supports near the $10,150 and $9,880 levels.
- There is a crucial breakout pattern forming with resistance near $10,320 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could either rally sharply above $10,350 or it could extend its decline to $9,880 and $9,750.
Bitcoin price is trading in a contracting range above $10,000 against the US Dollar. BTC is likely setting up for the next crucial break in the near term.
Bitcoin Price Analysis
Recently, bitcoin price failed to climb above the $10,500 resistance against the US Dollar. As a result, the BTC/USD pair started a slow and steady decline below the $10,400 support. Moreover, there was a break below the $10,350 level and the 55 simple moving average (4-hours). It opened the doors for more downsides below $10,200. Earlier, the price spiked below the 50% Fib retracement level of the last key leg from the $9,331 low to $10,950 swing high.
However, the price remained well bid near the $9,900 and $9,880 levels. Additionally, the 61.8% Fib retracement level of the last key leg from the $9,331 low to $10,950 swing high also acted as a support. At the moment, the price is trading in a contracting range near the $10,200 level. More importantly, there is a crucial breakout pattern forming with resistance near $10,320 on the 4-hours chart of the BTC/USD pair.
If bitcoin price breaks the $10,320 resistance area, there could be a decent upward move. The next key resistance is near the $10,500 level. Any further upsides could push the price towards the $11,000 resistance zone. On the downside, the breakdown support is near the $10,150 level. If there is a close below $10,150, the price could accelerate its decline.
The next major support is near $9,880, below which there are chances of a drop towards the $9,550 level. An intermediate support is near the $9,710 level. It represents the 76.4% Fib retracement level of the last key leg from the $9,331 low to $10,950 swing high.
Looking at the chart, bitcoin price is clearly setting up for the next crucial break either above $10,320 or below $10,150. The current price action is choppy, but there are very less chances of a strong upward move above $10,400 in the short term.
Technical indicators
4 hour MACD – The MACD is slowly losing momentum in the bearish zone.
4 hour RSI (Relative Strength Index) – The RSI is currently well below the 50 level.
Key Support Levels – $10,150 and $9,880.
Key Resistance Levels – $10,320, $10,400 and $10,500.