BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories.

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources.

Bitcoin Holds Strong at $9,300 But Turns Vulnerable For Bigger Decline

Bitcoin is down more than 6% and it trimmed most its gains above $10,000 against the US Dollar. BTC price is currently holding the key uptrend support at $9,300, but it is vulnerable to a larger decline.

Bitcoin failed to continue higher and declined sharply below the $10,000 pivot level.
The price broke many supports near the $9,740 and $9,500 levels.
There was a break below a key bullish trend line with support near $9,735 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is currently holding a crucial uptrend support near the $9,300 level.

Bitcoin Price Nosedives
After a strong upward move above $10,000, bitcoin price failed to continue higher against the US Dollar. BTC formed a short-term top near the $10,366 level and recently started a strong decline.
It broke many supports near the $10,000 and $9,740 levels to enter into a bearish zone. Moreover, there was a break below a key bullish trend line with support near $9,735 on the hourly chart of the BTC/USD pair.
Bitcoin Price
Bitcoin price is now trading well below $9,600 and the 100 hourly simple moving average. It tested the main uptrend support at $9,300 (the previous breakout zone) and traded as low as $9,299.
It is currently consolidating losses above the $9,300 and $9,400 support levels. An initial resistance is near the $9,550 level. It is close to the 23.6% Fib retracement level of the recent decline from the $10,366 high to $9,299 low.
It seems like there is a short term contracting triangle forming with resistance near $9,550 on the same chart. If there is an upside break above the $9,550 level, the price could face hurdles near the $9,600 level and the 100 hourly simple moving average.
The next major resistance is near the $9,740 level. The main hurdle is now forming near the $9,800 region or the 50% Fib retracement level of the recent decline from the $10,366 high to $9,299 low.
More Downsides in BTC?
The $9,300 support zone holds a lot of significance in the near term. If bitcoin fails to stay above the $9,300 support, it could spark another sharp decline.
An initial support is near the $9,000 level, below which there is a risk of a larger decline towards the $8,500 and $8,400 levels in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly moving away from the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level.
Major Support Levels – $9,400 followed by $9,300.
Major Resistance Levels – $9,550, $9,600 and $9,740.

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News


Buy Bitcoin online in ANY country, supporting 80+ Payment methods!