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Bitcoin Price (BTC) Remains In Steady Corrective Decrease

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Bitcoin Price (BTC) Remains In Steady Corrective Decrease

Bitcoin price is slowly declining and recently broke the $10,000 support area against the US Dollar.The price is facing an uphill task and it might continue to struggle near $10,250 and $10,300.There is a major bearish trend line forming with resistance near $10,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price could continue to slide as long as it is trading below the $10,400 pivot level in the near term.Bitcoin price is under pressure below $10,250 against the US Dollar. BTC may perhaps accelerate decline as long as there is no close above the $10,400 and $10,500 levels.Bitcoin Price AnalysisIn the last two analysis, we discussed the Looking at the chart, bitcoin price is clearly under pressure and it could continue to slide below $10,000 in the coming sessions. If there is a bearish break below the $9,950 level, the price could head towards the $9,800 level. The main pivot level is near the $9,500 level.Technical indicators:Hourly MACD – The MACD is still moving in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.Major Support Levels – $10,000 followed by $9,950.Major Resistance Levels – $10,200, $10,250 and $10,350.

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Author: Aayush Jindal

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