The price of Bitcoin reports a 1.22% retracement in the last 24 hours, dragging the price below $ 9800. We see the price of Bitcoin looking for lower supports again.
- The price of Bitcoin declined this past week and moved below the $ 10,000 level against the US dollar.
- There was a break below an important bull trend line with support at $ 10,350 on the 4 hour chart of the BTC / USD pair.
- The pair should stay above the support levels of $ 9,300 and $ 9,000 to avoid further declines in the short term.
- The price of Bitcoin is under pressure below the $ 10,000 level against the US dollar. BTC / USD remains at risk of further falls if the pair can not maintain the support of $ 9,000.
Analyzing the resistance of Bitcoin
Last week, there was an increase in bearish pressure on Bitcoin’s price since the $ 10,800 swing against the US dollar. The price started a move down and was negotiated below the support level of $ 10,500. There was also a break below the 23.6% retracement level of the last wave, from the minimum of $ 8,250 to the maximum of $ 11,650. In addition, there was a break below an important bull trend line with a support of $ 10,350 on the 4 hour chart of the BTC / USD pair.
The pair quoted towards the support of $ 9,400 and decreased below the simple moving average of 100 (4 hours). More importantly, there was a break below the 50% Fibonacci retracement level of the last wave, from the minimum of $ 8,250 to the maximum of $ 11,650. It has opened the doors for more losses below $ 10,000. On the downside, the support of $ 9,350 is suffering losses and is avoiding declines. In case of a break below $ 9,350, the price may even decrease below the $ 9,000 level. An intermediate support is close to the Fibonacci retracement level of 76.4% of the last wave from the minimum of $ 8,250 to the maximum of $ 11,650.
On the positive side, a break above the $ 10,000 resistance is needed for the price to recede in the bullish zone.
Important technical indicators
- MACD of 4 hours: the MACD for BTC / USD is currently in the bearish zone.
- 4 hours RSI (relative strength index) – The RSI is currently well below level 50.
- Main support level: $ 9,350
- Highest resistance level – $ 10,000
Analysis for informational purposes, do not claim to be an investment advice. Each person is responsible for creating their own analysis.