- BTC/USD market operations now face a level of price correction.
- The US dollar now has a brighter chance to increase its force over the most-famous cryptocurrency.
- The BTC/USD market point at $10,400 line remains a critical index in determining a further rise in this crypto-trade.
Major resistance levels: $10,800, $11,200, $11,600
Major support levels: $9,200, $8,800, $8,400
Bitcoin (BTC) Price Analysis
The BTC/USD market operations now appear facing a level of price correction against the US dollar trade worth. After gaining a high value of $10,400, the crypto has been slowing in its further upswings of the market.
The US dollar now has a brighter chance to increase its force over the valuation of the most-famous cryptocurrency at this point as price trades around the $10,400 value.
Bitcoin Technical Indicators Reading
There has been a space between the bigger and the smaller SMA trend-lines. The 14-day SMA indicator has trended northwards closer to the current trading level of the market over the 50-day SMA.
To some large extent, the trading indicators still showcases that the bulls’ forces are relatively yet getting fade-off in this crypto-trade. The Stochastic Oscillators have penetrated the overbought region to consolidate within it tightly around range 80. That suggests that traders may consider going short on this market for a while at the value point around the $10,400 with a proper money management principle.
The BTC/USD market point at $10,400 line remains a critical index in determining the furtherance of a bullish trend of this trade. In the meantime, price levels between the $10,400 and $9,600 marks are expected to serve as the major trading regions from where the active move has to take place afterward. A reversal from both the market directions could mean a vital resumption of a bearish or bullish trend as the case may be.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.