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Bitcoin (BTC) Price Near Inflection Point: Bears Remain In Control

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Bitcoin (BTC) Price Near Inflection Point: Bears Remain In Control

Bitcoin price is currently correcting higher above the $10,000 resistance against the US Dollar.The price is facing many key resistances near the $10,250, $10,300 and $10,400 levels.There is also a connecting bearish trend line forming with resistance near $10,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is likely to face a strong selling interest near the $10,300 and $10,400 levels.Bitcoin price is slowly correcting towards $10,300 against the US Dollar. However, BTC will most likely fail to continue above $10,300 or 10,400 in the near term.Bitcoin Price AnalysisRecently, there was a Looking at the chart, bitcoin price seems to be correcting higher towards the main barrier near the $10,300 and $10,400 levels. A successful close above the $10,400 level and the 100 hourly SMA may perhaps lead the price towards the $10,600 and $10,700 resistance levels. If not, there are high chances of a fresh decrease below the $10,000 and $9,850 levels.Technical indicators:Hourly MACD – The MACD is likely to move back into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining towards the 50 level.Major Support Levels – $10,000 followed by $9,750.Major Resistance Levels – $10,200, $10,250 and $10,300.

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Author: Aayush Jindal

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