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Bitcoin Price (BTC) Could Retest Key Support Before Fresh Increase

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Bitcoin Price (BTC) Could Retest Key Support Before Fresh Increase

Bitcoin price climbed higher recently above the $11,000 resistance level against the US Dollar.The price spiked towards $11,200 and recently corrected lower below $10,800.There is a connecting bullish trend line forming with support near $10,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price could retest the key $10,000 support level before it could rise again towards $11,000.Bitcoin price is struggling to continue higher above $10,800 support against the US Dollar. Therefore, BTC price might decline towards $10,000 before it could start a fresh increase.Bitcoin Price AnalysisAfter a successful close above the $10,000 pivot level, bitcoin price Looking at the chart, bitcoin price is clearly struggling to gain traction above $10,800. Therefore, if the bulls continue to struggle, there are chances of a downside thrust towards the $10,000 support level before BTC climbs higher again towards $11,200.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 moving lower and is below the 50 level.Major Support Levels – $10,400 followed by $10,000.Major Resistance Levels – $10,800, $11,000 and $11,200.

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Author: Aayush Jindal

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