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Bitcoin Price (BTC) Showing Signs of Continued Weakness

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Bitcoin Price (BTC) Showing Signs of Continued Weakness

Bitcoin price is moving lower and is trading well below the $10,250 resistance against the US Dollar.The price is likely to extend its decline below the $10,000 support level in the coming sessions.There is a major declining channel forming with resistance near $10,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price remains at a risk of more downside as long as the price is below $10,250 and $10,400.Bitcoin price is showing a lot of bearish signs below $10,400 against the US Dollar. BTC could accelerate losses if there is a daily close below the $10,000 support.Bitcoin Price AnalysisThis week, we discussed Looking at the chart, bitcoin price is showing bearish signs below the $10,200 and $10,250 levels. Therefore, there are high chances of a bearish break below the $10,000 and $9,800 level in the near term. The main target for the bears this week could be $9,650 or $9,500.Technical indicators:Hourly MACD – The MACD is about to move back in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is about to break the 50 level.Major Support Levels – $10,000 followed by $9,900.Major Resistance Levels – $10,200, $10,250 and $10,350.

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Author: Aayush Jindal

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