Price Analysis

Bitcoin Bulls Weaken a Bit; BTC/USD Trades Around $10,550 After Soaring at $10,800

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  • BTC/USD fell from the upper range of $10,600 and $10,800 to trade around $10,550.
  • Bitcoin price will face the major and key support at $10,000 only, with immediate support area being around $10,300.

Bitcoin price has a bearish crossover at present after having a trade above $10,800 in the latter half of the day, yesterday. BTC price bounced to $10,833.39 in the past 24-hours. This surge spiked the coin by 4.34%, giving expectations to have an ultimate Bull Run. However, the hourly breakup of the trading duration will show that the price first fell to $10,382.72 after it corrected down from $10,643.47 and before it bounced back beyond $10,800.

This was where Bitcoin made an estimate about the resistance and the support around $10,800 and $10,300 respectively. Whereas the two healthy support levels to save the coin from a total crossover would be $10,300 and $10,000.

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BTC/USD Price Chart by TradingView:

Bitcoin (BTC) Price
BTC Price Chart by TradingView

Tracing the 15 minutes movement of the coin over the past 1 day we see that short-term moving averages have let the coin come out of the selling pressure. BTC gains a rooted support from the 10-day EMA ($10,260.06) and 10-day SMA ($10,048.56). The current trading price (at the time of penning down) is notably above by 2.91% and 5.08% from the said short-term averages, serving as the major support areas as well. The 50-day SMA ($10,439.25) is also notably lower than $10,559.16. The MACD of the coin is moving flat with a slight bearish crossover at present, although away from the negative array. While the RSI is quite close to 40, but elevated from the lower range which shows no extremities.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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