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Bitcoin (BTC) Price Recovery Could Fade, Fresh Decrease Likely
Bitcoin price started an upside correction after trading as low as $9,483 against the US Dollar.The price is facing a strong resistance near the $10,350 and $10,400 levels.There is a major bearish trend line forming with resistance near $10,290 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is likely to resume its decline as long as it is trading below the $10,500 resistance.Bitcoin price is facing many hurdles on the upside near $10,400 against the US Dollar. BTC price is likely to extend its decline below the $10,000 and $9,950 supports.Bitcoin Price AnalysisThere was a Looking at the chart, bitcoin price seems to be facing a strong resistance near the $10,300 and $10,400 levels. If it continues to struggle near $10,250 and $10,400, there are chances of more downsides below $10,000 and $9,850 in the coming sessions.Technical indicators:Hourly MACD – The MACD is slowly moving back into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining below the 50 level.Major Support Levels – $9,960 followed by $9,850.Major Resistance Levels – $10,250, $10,300 and $10,400.
Author: Aayush Jindal
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