Bitcoin price is in a bearish trend zone facing a lot of hurdles near $10,400 and $10,500 resistance levels. Will the price continue the downtrend below $10,000?
Yesterday, August 26, the price of Bitcoin (BTC) was in a bearish trend zone, ranging below the 12 and 26 Exponential Moving Averages (EMAs). The price of BTC surged from lows of $10,000 to highs of over $10,500. However, Bitcoin price started to decline, breaking the $10,500 and $10,400 levels to move back into a bearish zone. At the time of writing, Bitcoin price is trading at the $10,138 support level.
On the downside, if the bears break below the $10,138 support level, the price of BTC might decline to the lows of $10,000 or $9,800 support levels. In the meantime, the Moving Averages Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a buy signal.
On the 1-hour chart, BTCUSD price is in a bearish trend. Yesterday, the bulls met resistance at the $10,500 level, the BTC market declined to a low near $10,235. The coin is now struggling around the $10,138 price level for a possible bullish trend. Meanwhile, the MACD line and the signal line while below the zero line which indicates is 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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