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0:00:00 Bitcoin Price (BTC) Remains In Steady Corrective Decrease
0:00:04 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.
0:00:11 Bitcoin price is slowly declining and recently broke the $10,000 support area against the US Dollar.
0:00:17 There is a major bearish trend line forming with resistance near $10,250 on the hourly chart of the BTC/USD pair.
0:00:26 The price could continue to slide as long as it is trading below the $10,400 pivot level in the near term.
0:00:33 Bitcoin price is under pressure below $10,250 against the US Dollar.
0:00:39 BTC may perhaps accelerate decline as long as there is no close above the $10,400 and $10,500 levels.
0:00:47 In the last two analysis, we discussed the chances of more downsides in bitcoin price below $10,400 against the US Dollar.
0:00:56 The price broke the $10,250 support area and the 100 hourly simple moving average.
0:01:03 Moreover, the recent decline was such that the price broke the $10,100 support area.
0:01:09 Recently, there was an upside correction above the $10,000 level.
0:01:13 Moreover, the price broke the 23.6% Fibonacci retracement level of the recent slide from the $10,528 high to $9,938 low.
0:01:25 However, the upward move was capped by the $10,200 and $10,250 levels.
0:01:32 There is also a major bearish trend line forming with resistance near $10,250 on the hourly chart of the BTC/USD pair.
0:01:40 Additionally, the 50% Fibonacci retracement level of the recent slide from the $10,528 high to $9,938 low is acting as a resistance for the bulls.
0:01:52 Above the trend line, the next key resistance is near the $10,350 level and the 100 hourly SMA.
0:02:00 Having said that, a successful close above the $10,400 level plus the 61.8% Fibonacci retracement level of the recent slide from the $10,528 high to $9,938 low is needed for more gains.
0:02:16 Thanks for checking out this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: “NewsBTC”, who originally published this news update on their website.
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