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- There was a significant downward movement under the support of USD1000 in bitcoin against the US dollar.
- The price is currently correcting higher, but the highs remain capped at around $ 9,800 and $ 10,000.
- A major downtrend line is forming with close $ 9,980 resistance on the 4-hour chart of the BTC / USD pair (data feed from Kraken).
- There may be a bullish correction in the short term, but bulls are likely to struggle close to $ 10,000.
The price of bitcoin is facing many obstacles upwards of US $ 10,000 against the US dollar. BTC is up as long as it is trading under $ 10,000 resistance.
Bitcoin Price Weekly Analysis (BTC)
In the latest weekly forecast, we discussed the possibility of a lower bitcoin price below US $ 10,000 versus the US dollar. The BTC / USD pair collapsed and broke the key support levels of $ 10,000 and $ 9,800. In addition, the closing was below the $ 10,000 pivot and the single moving average (4 hours). Finally, there was a break under the support of $ 9,800 and $ 9,500.
A new monthly low was formed near $ 9,300 and the price is currently consolidating the losses. It tests the Fib retracement level of 23.6% from the recent decline in the maximum of $ 10,717 to $ 9,308. However, there are many upside obstacles near the $ 9,800 and $ 9,900 levels. In addition, a major downtrend line is forming with near $ 9,980 resistance on the 4-hour chart of the BTC / USD pair.
In addition, the Fib retracement level of 50% of the recent decline from the maximum of $ 10,717 to $ 9,308 is also close to the $ 10,010 level. As a result, increases are likely to remain at levels of $ 9,800 and $ 10,000. Above the trend line, the 100 SMA waits near the $ 10,150 level. The Fib retracement level of 61.8% from the recent decline in the maximum of $ 10,717 to $ 9,308 is also near the $ 10,170 level.
On the other hand, immediate support is around $ 9,500. If there is a break below support of $ 9,500, the price may continue to fall below the last low at $ 9,300. The next key supports are approaching levels of $ 9,100 and $ 9,000.
Looking at the chart, the price of bitcoin is clearly trading in a bearish trend below $ 10,000. In the short term, there may be an upward correction, but the levels of $ 9,800 and $ 10,000 should be a major selling area in future sessions.
Technical indicators
4 hours MACD – The MACD for BTC / USD moves slowly in the bullish zone.
RSI (Relative Strength Index) 4 hours – The RSI for BTC / USD is slowly increasing to level 50.
Major Support Level – $ 9,500
Major resistance level – $ 10,000
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