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Bitcoin (BTC) Price Showing Signs Of Bearish Continuation

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Bitcoin (BTC) Price Showing Signs Of Bearish Continuation

Bitcoin price is struggling to rebound and declining below the $9,300 support against the US Dollar.The price is likely to accelerate decline if it breaks the $9,120 support area.There is a major bearish trend line forming with resistance near $9,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).Similarly, there were bearish moves in Bitcoin PriceLooking at the chart, bitcoin is clearly trading in a bearish zone below the $9,300 resistance level. Thus, the price remains at a risk of a bearish break below $9,120 and $9,020. To move into a positive zone and start a decent upward move, the price must settle above $9,300.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 and it could test the 25 level.Major Support Levels – $9,120 followed by $9,020.Major Resistance Levels – $9,240, $9,300 and $9,440.

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Author: Aayush Jindal

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