Bitcoin price is under bearish pressure below $10,000 and remains at a risk of more losses until it surges above the resistance levels of $10,100 and $10,200.
Last week, the price of Bitcoin (BTC) price was in a bearish trend below the 12-day and 26-day Exponential Moving Averages (EMAs). The bulls had tested the $10,400 resistance level but were resisted. As a result, Bitcoin price declined below the $10, 000 support level to reach the bearish trend zone.
At the time of writing, Bitcoin price is trading at $9,913 and seems to be facing a lot of hurdles near the $10,080 and $10,100 resistance levels. On the upside, if the bulls break above the EMAs, the crypto’s price will rise and retest the $10,400 price level. On the downside, if the bulls fail to break the EMAs, the market price will slide towards the $9,650 support level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, BTCUSD price is in a bearish trend. The crypto’s price is making a series of higher highs and higher lows. There is a short term price breakout pattern forming with resistance near $10,060 on the chart. Therefore, an upside break above the triangle and the $10,080 resistance might push the price of BTCUSD to the resistance level of $10,400. Conversely, a price breakdown below the $9,900 support might just pull the coin down to $9,400 level.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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