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Bitcoin Price (BTC) Is Slowly Turning Sell On Rallies

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Bitcoin Price (BTC) Is Slowly Turning Sell On Rallies

Bitcoin price is jumped higher recently, but it struggled to continue above $10,500 against the US Dollar.The price is currently trading in a bearish zone and it could accelerate losses below $10,200 in the near term.There is 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 slowly turning sell on rallies near the $10,450 and $10,500 levels.Bitcoin price is currently trading in a range below $10,500 against the US Dollar. BTC could decline further if it continues to struggle below the $10,500 level.Bitcoin Price AnalysisIn the past few sessions, bitcoin price Looking at the chart, bitcoin price is facing an increase in selling interest below the $10,500 level. As long as the price is trading below the $10,500 level, there are chances of more downsides. If not, the price could surge towards the $11,000 level.Technical indicators:Hourly MACD – The MACD is about to move back into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.Major Support Levels – $10,250 followed by $10,050.Major Resistance Levels – $10,400, $10,500 and $10,550.

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Author: Aayush Jindal

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