Bitcoin price declined over 10% and it traded close to the $10,000 support against the US Dollar. BTC might correct higher, but upsides are likely to remain capped near $10,800.
- Bitcoin started a strong decline and it weakened over $1,000 in the past three sessions.
- The price is down over 10%, and it broke the $10,500 support and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $10,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is currently consolidating losses near $10,250 and it might correct higher in the short-term.
Bitcoin Price Nosedives $1,000
Yesterday, we saw a sharp bearish wave in bitcoin price below the $11,500 support against the US Dollar. BTC remained in a bearish zone and it broke many supports such as $11,000 and $10,800.
The price is down over 10%, and it broke the $10,500 support and the 100 hourly simple moving average. A low is formed near $10,039 and the price is currently consolidating losses. An initial resistance on the upside is near the $10,400 level.Bitcoin price trades below $10,500. Source:The main resistance is now forming near the $10,800 level. There is also a key bearish trend line forming with resistance near $10,750 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent drop from the $11,484 high to $10,039 low.
A successful break above the $10,500 level and then a follow up move above the $10,800 level is needed to move back into a positive zone in the near term.