- Bitcoin price is trading in a range below the $10,300 and $10,400 resistances against the US Dollar.
- The price is struggling to gain momentum above $10,300 and the 100 hourly SMA.
- There is a key breakout pattern forming with support near $10,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price could either rally above $10,400 or it might extend its decline towards the $9,900 support.
Bitcoin price is trading below key resistances and hurdles against the US Dollar. BTC is likely to make the next move either above $10,400 or towards $9,900.
Bitcoin Price Analysis
In the past three days, bitcoin price declined steadily below $10,400 against the US Dollar. On the other hand, Ethereum rallied above $200 and ripple price surged above the $0.3000 resistance. BTC/USD is now trading well below the $10,300 level and the 100 hourly simple moving average. The last swing high was formed near $10,348 and the recent low was near $10,138.
At the moment, the price is consolidating gains above $10,200. It broke the $10,240 resistance, plus the 50% Fib retracement level of the recent decline from the $10,348 high to $10,138 low. However, the upward move was capped by the $10,270 level. It seems like the 61.8% Fib retracement level of the recent decline from the $10,348 high to $10,138 low is capping the upward move.
More importantly, there is a key breakout pattern forming with support near $10,200 on the hourly chart of the BTC/USD pair. There are many hurdles on the upside near $10,270, $10,300, and the 100 hourly SMA. If there is an upside break above the $10,300 level and the 100 hourly SMA, the price could continue higher. The next key resistances are near the $10,400 and $10,440 levels.
Conversely, if the price continues to struggle below $10,300, there could be a downside break. An immediate support is near the $10,200 level. A convincing break and follow through below $10,200 will most likely push the price towards the $10,000 support. The main support is near the $9,900, below which there could be a nasty drop towards $9,500 or $9,200.
Looking at the chart, bitcoin price is clearly preparing for the next move and it could either rally above $10,400 or it might extend its decline towards the $9,900 support. The price action indicates high chances of a bearish reaction unless the bulls push the price above $10,300.
Technical indicators:
Hourly MACD – The MACD is about to move into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just near the 50 level, with a positive bias.
Major Support Levels – $10,200 followed by $10,000.
Major Resistance Levels – $10,300, $10,340 and $10,400.
