2020-10-8 07:08 |
Bitcoin price is currently correcting higher from the $10,550 support against the US Dollar. BTC is currently facing hurdles and it is likely to resume its decline below $10,550.
Bitcoin is showing many bearish signs below the $10,800 resistance zone. The price is now trading below the $10,675 resistance and the 100 hourly simple moving average. There is a rising channel or a bearish flag pattern forming with support near $10,625 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair remains at a risk of a fresh decline unless it surges past $10,675 and $10,800. Bitcoin Price is Facing HurdlesBitcoin price traded as low as $10,524 before starting an upside correction against the US Dollar. BTC corrected above the $10,550 and $10,600 levels, but it is still trading in a bearish zone.
There was a break above the 23.6% Fib retracement level of the downward move from the $10,801 swing high to $10,524 low. The price is currently facing a strong resistance near the $10,675 level and the 100 hourly simple moving average.
The 50% Fib retracement level of the downward move from the $10,801 swing high to $10,524 low is also near $10,665. It seems like there is a rising channel or a bearish flag pattern forming with support near $10,625 on the hourly chart of the BTC/USD pair.
Bitcoin price trades above $10,550. Source: TradingView.comIf there is a downside break below the channel support and $10,600, there is a risk of more losses. The next key support is near the $10,550 level, below which the bears are likely to aim a test of the $10,200 support level in the coming sessions. An intermediate support could be near the $10,350 level.
Upside Break in BTC?To avoid a downside break, bitcoin price must clear the $10,675 resistance and the 100 hourly simple moving average. The next immediate hurdle is near the $10,700 level, but the main hurdle is near $10,800.
A successful break above the $10,700 level and then a follow up move above the $10,800 level could set the pace for a possible break above the $11,000 resistance zone in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 50 level.
Major Support Levels – $10,625, followed by $10,550.
Major Resistance Levels – $10,675, $10,800 and $10,950.
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