Bitcoin price started a good recovery wave above the $ 10,200 resistance against the US dollar. BTC is still struggling for $ 10,500 and around, but dips are likely to continue to be supported around $ 10,000.
According to CoinMarketCap data, the leading crypto currency was trading at $ 10,316 at the time of writing.
Bitcoin is currently correcting lower from the $ 10,500 resistance zone. It is trading below the 100 hourly simple moving average and is approaching the $ 10,200 support. According to popular analyst Aayush Jindal, there is a connecting bullish trend line formed with support near $ 10,240 on the hourly chart of the BTC / USD pair. The pair is likely to find strong buying interest near the $ 10,200 and $ 10,150 levels.
Key Supports Approaching Bitcoin Price
Yesterday, we saw a good recovery wave in bitcoin price above the $ 10,200 resistance against the US dollar. BTC even broke the 100 hourly simple moving average and climbed above the $ 10,400 resistance. Despite this, the bulls did not strengthen and the price remained below the $ 10,500 resistance, analyst said. A high of around $ 10,492 was formed and the price is currently correcting at a lower level.
The first major support on the negative side in BTC is close to the level of 10 thousand 250 dollars. There is also a linked bullish trend line formed with support near $ 10,240 on the hourly chart of the BTC / USD pair. The next major support is near the $ 10,200 level and the 100 hourly SMA. On the upside, the price faces strong resistance near $ 10,400 and $ 10,500. According to the analyst, a successful close above the $ 10,500 resistance level is essential to continue upward in BTC. The next major resistance is near $ 10,600, above which the price is likely to rise towards the key hurdle of $ 11,000.
Will there be more losses in BTC?
According to analyst Jindal, if Bitcoin fails to stay above the $ 10,200 support and the 100-hour SMA, there is a greater risk of loss. The next major support is near the $ 10,160 level. A close below the $ 10,160 and $ 10,150 levels may increase the likelihood of another drop. In the situation stated, the price could revisit the $ 9,850 support level. A one-day closing below $ 9,850 could push the price towards $ 9,500.
Will Bears Leave Control in Bitcoin?
Bitcoin price is still changing and outperforming ETH, according to another analyst Dalmas Ngetich. Candlestick adjustments indicate weakness, according to the analyst. The $ 10,500 level acts as resistance on the daily chart. The bears will be in control until a strong rise above this mark with high trading volumes occurs.