- Bitcoin price declined heavily and broke the key $10,000 support level against the US Dollar.
- The price is currently under pressure and it recently traded towards the $9,250 level.
- There is a key bearish trend line forming with resistance near $10,150 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to continue lower and it may even break the $9,000 support level in the coming sessions.
Bitcoin price is currently under a lot of pressure below the $10,000 support against the US Dollar. BTC could accelerate losses towards the $9,000 or $8,800 level in the near term.
Bitcoin Price Analysis
This week, there was a downside break in bitcoin price below the $11,000 supportagainst the US Dollar. The BTC/USD pair started a major downward move and even broke the $10,600 support zone. Finally, there was a break below the $10,000 support and the price settled well below the 55 simple moving average (4-hours). The price traded towards the $9,200 level and a new monthly low was formed near $9,236.
At the outset, the price is consolidating losses above $9,250. An immediate resistance is near the $9,670 level. It was a breakdown level and now coincides with the 23.6% Fib retracement level of the downward move from the $11,086 high to $9,236 swing low. Moreover, there is a key bearish trend line forming with resistance near $10,150 on the 4-hours chart of the BTC/USD pair.
The trend line is close to the 50% Fib retracement level of the downward move from the $11,086 high to $9,236 swing low. Therefore, if there is an upside correction, the price is likely to face a strong resistance near the $9,700 and $10,000 levels. If there is a successful close above the $10,000 barrier and the trend line, there are chances of a decent upward move in the near term.
On the downside, an immediate support is near the $9,250 level. If there is a downside break, the price may well test the $9,000 handle. If there are more losses, the next stop for the bears could be $8,800.
Looking at the chart, bitcoin price is trading with a strong bearish bias below the $10,000 level. Therefore, there are chances of more losses below the $9,000 support level in the near term. Only a successful close above $11,000 might push the price back in a positive zone.
4 hour MACD – The MACD is gaining momentum in the bearish zone.
4 hour RSI (Relative Strength Index) – The RSI is currently well below the 35 level, with a bearish angle.
Key Support Levels – $9,000 and $8,800.
Key Resistance Levels – $9,700, $10,000 and $10,200.
Bitcoin price prediction: BTC/USD stuck between strong levels of support and resistance – Confluence Detector
- BTC/USD went down slightly from $8,811.45 to $8,750.50 this Wednesday.
- BTC/USD has three healthy resistance levels on the upside at $8,800, $8,990 and $9,000.
After suffering a slightly bearish Wednesday, wherein it fell from $8,811.45 to $8,750.50, BTC/USD has had a bullish start to this Thursday and is currently priced at $8,768.85. Since the price is sandwiched between strong resistance and support levels, further growth might be hampered. On the upside, there are three healthy resistance levels at $8,800, $8,990 and $9,000. While on the downside, healthy support levels lie at $8,755 and $8,530.
BTC/USD Confluence Detector
Looking at the resistance levels – $8.800 has the one-hour Previous High, 4-hour Bollinger Band middle curve, 15-min Bollinger Band upper curve, one-hour Bollinger Band upper curve, one-day Fibonacci 61.8% retracement level and 100-day Simple Moving Average (SMA 100), while $8,990 has no confluence detected. $9,000 has the 4-hour Bollinger Band upper curve and SMA 10.
On the downside, $8,755 has the SMA 5, SMA 10, SMA 50, SMA 100, SMA 200 and one-hour Bollinger Band middle curve. Finally, $8,530 has the one-month Fibonacci 61.8 retracement level.
Bitcoin to soon be accepted at 65,000 Swiss Retailers
- 65,000 Swiss Retailers will be able to soon start accepting Bitcoin.
- The new development comes on the back of a partnership between Bitcoin Suisse and Worldline.
It is reported that a new system will be available for the 65,000 Swiss merchants currently using Wordline’s nationwide payments infrastructure, dubbed SIX Payment Services.
65,000 Swiss retailers will shortly be able to start accepting Bitcoin as a means of payment. It comes following a partnership announcement between the Swiss broker Bitcoin Suisse and the European payment and transaction services provider Worldline.
It is reported that local publication Switzerland Global Enterprise has announced that both companies have signed a letter of intent. It covers ground that they promise to offer Swiss traders and consumers the possibility of paying with BTC. In terms of the partnership, it will be allowing the country’s 65,000 retailers who already use Wordline’s infrastructure to accept Bitcoin payments.
Bitcoin technical analysis: BTC/USD price is consolidating outside of bullish flag
- 2Bitcoin price is trading in positive territory, up some 0.50% in the second half of the session.
- BTC/USD price action is within consolidation mode, failing to attract commitment.
- The bulls must again breakdown and hold above the $9000 price mark for greater upside.
BTC/USD weekly chart
The price is sitting just on top of a breached weekly flag structure.
BTC/USD daily chart
Daily price action is also moving within a bullish flag, subject to a potential breakout higher.
Spot rate: 8,771.49
Relative change: +0.50%