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Bitcoin (BTC) Price Hits Weekly Bearish Target: $10K Could Be Next
Bitcoin price broke the key $11,200 support level and declined below $11,000 against the US Dollar.The price tested the $10,500 bearish target (as discussed in the weekly forecast).There is a major bearish trend line forming with resistance near $11,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price remains at a risk of more losses below the $10,500 and $10,320 levels.Bitcoin price is gaining bearish momentum below $11,000 against the US Dollar. BTC price tested the weekly bearish target of $10,500 and it could continue to weaken.Bitcoin Price AnalysisIn the Looking at the chart, bitcoin price is gaining bearish momentum below $11,000 and $10,800. Therefore, there are chances of more downsides below $10,500 and $10,450. Conversely, if there is an upside correction, the price is likely to face resistance near the $10,700 and $10,800 levels.Technical indicators:Hourly MACD – The MACD is currently placed in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher from the 20 level.Major Support Levels – $10,450 followed by $10,200.Major Resistance Levels – $10,700, $10,800 and $11,000.
Author: Aayush Jindal
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