Bitcoin price failed to continue above the $10,480 resistance area and declined recently. BTC/USD is now trading below $10,180 and it could continue to move down.
- Bitcoin traded struggled to gain strength above USD 10,480 and started a downside correction.
- BTC/USD traded below the $10,180 support and a contracting triangle support on the 1-hour chart.
- The price could continue to move down if it breaks the $10,090 support area.
Bitcoin Price Analysis
After a couple of failed attempts near the $10,460 and $10,480 levels, the bitcoin price started a downside correction against the US Dollar. BTC to USD broke the $10,300 support level to enter a short term bearish zone.
Looking at the 1-hour chart, the price even broke the $10,240 support level and the 25 simple moving average (1-hours, orange). Besides, the price traded below the 23.6% Fib retracement level of the upward wave from the $9,720 low to $10,478 high.
The market data is provided by TradingView, Bitfinex.
More importantly, the bitcoin price traded below the $10,180 support and a contracting triangle support on the 1-hour chart. The price is now trading near the $10,090 support level.
The 50% Fib retracement level of the upward wave from the $9,720 low to $10,478 high is also near the $10,096 level. Therefore, the price could decline sharply if it fails to stay above the $10,090 support area.
In the mentioned bearish case, the price could even test the $10,000 support area. Any further losses may perhaps lead bitcoin towards the $9,720 swing low in the near term.
On the upside, previous support at $10,180 might act as a resistance. The first major hurdle is near the $10,300 level, above which the price could continue to rise towards the $10,460 and $10,480 resistance levels.
Overall, Bitcoin is trading with a minor bearish bias below the $10,180 and $10,300 resistance levels. It seems like bitcoin could revisit the $10,000 support area, where the bulls are likely to take a stand in the near term.