Bitcoin price topped near the ,030 level and declined heavily against the US Dollar.The price is now trading with a bearish bias and it is well below the ,400 level.There is a key bearish trend line forming with resistance near ,780 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair is likely to continue lower if it breaks the ,100 and ,080 support levels.Bitcoin price is showing signs of bearish continuation below ,400 against the US Dollar. BTC is currently testing the key ,100 support, below which it could decline heavily.Bitcoin Price AnalysisRecently, bitcoin price struggled to clear the ,000 level and topped near the ,030 level against the US Dollar. As a result, there was a sharp decline and BTC declined below the ,500 and ,400
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- Bitcoin price topped near the $10,030 level and declined heavily against the US Dollar.
- The price is now trading with a bearish bias and it is well below the $9,400 level.
- There is a key bearish trend line forming with resistance near $9,780 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to continue lower if it breaks the $9,100 and $9,080 support levels.
Bitcoin price is showing signs of bearish continuation below $9,400 against the US Dollar. BTC is currently testing the key $9,100 support, below which it could decline heavily.
Bitcoin Price Analysis
Recently, bitcoin price struggled to clear the $10,000 level and topped near the $10,030 level against the US Dollar. As a result, there was a sharp decline and BTC declined below the $9,500 and $9,400 levels.
Moreover, there was a close below the $9,500 level and the 55 simple moving average (4-hours). It opened the doors for more losses below $9,300 and $9,200. The price traded as low as $9,104 and it is currently showing many bearish signs.
If bitcoin starts a recovery, an initial resistance is near the $9,300 area. Moreover, the 23.6% Fib retracement level of the downside reaction from the $10,029 high to $9,104 low is also near the $9,325 level.
The next major resistance is near the $9,565 level since it is close to the 50% Fib retracement level of the downside reaction from the $10,029 high to $9,104 low. More importantly, there is a key bearish trend line forming with resistance near $9,780 on the 4-hours chart of the BTC/USD pair.
Therefore, upsides are likely to remain capped on the upside near the $9,500 and $9,565 levels. A convincing close above the $9,565 level and the 55 simple moving average (4-hours) is needed for more gains in the near term.
Conversely, bitcoin price might continue to move down below $9,100 and $9,000. If the bears gain momentum below $9,000, there is a risk of a sharp decline in the coming days. The next major support is seen near the $8,540 and $8,480 levels.
Bitcoin Price
Looking at the chart, bitcoin price is back in a bearish zone and it is currently trading near the key $9,100 support area. If it declines further, the bulls are likely to struggle and the bears are likely to aim $8,540.
Technical indicators
4 hours MACD – The MACD is now gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now sliding and it is well below the 40 level.
Key Support Levels – $9,100 and $9,000.
Key Resistance Levels – $9,320, $9,565 and $9,700.