Bitcoin Price (BTC) Could Dip In Short Term Before Fresh Increase

Bitcoin price declined and corrected sharply from the $10,199 swing high. BTC to USD is now consolidating losses above the $9,780 and $9,800 support levels.

Key Takeaways: BTC/USD

  • Bitcoin price is down around 4% from the $10,199 swing high against the US Dollar.
  • BTC/USD is holding the $9,780 support level and a connecting bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Ethereum is also correcting lower and trading near the $220.00 support area.

Bitcoin Price Analysis

After a successful close above the $10,000 level, bitcoin price spiked above the $10,150 resistance level. However, BTC to USD failed to continue above the $10,200 resistance area.

Bitcoin Price

Looking at the 2-hours chart, bitcoin topped near the $10,199 level and recently started a downside correction. There was a break below the $10,040 and $10,000 support levels.

Besides, the bears were able to push the price below the $9,900 level and the 50 simple moving average (2-hours, purple). The decline was such that the price spiked below the $9,780 support and traded as low as $9,740.

It is currently consolidating above the $9,800 level. An initial resistance is near the $9,845 level and the 50 simple moving average (2-hours, purple). The 23.6% Fib retracement level of the recent decline from $10,199 to $9,740 is also near the $9,848 level.

On the upside, there is a strong resistance forming near the $9,970 and $10,040 levels. The 50% Fib retracement level of the recent decline from $10,199 to $9,740 is also near the $9,970 level.

Therefore, a successful break above the $9,970 and $10,040 levels is needed for more gains in the coming sessions. The next major resistance is near $10,200, above which the price is likely to surge towards the $10,500 level.

On the downside, the $9,800 area is a strong support. Besides, bitcoin price is holding the $9,780 support level and a connecting bullish trend line on the 2-hours chart.

If there is a downside break below the trend line and the $9,780 support area, there is a risk of a larger downside correction. The next major support is near $9,525.

Live Bitcoin (BTC) Price:

1 BTC/USD =$10,737.3283 change ~ -0.09%

Coin Market Cap

$198.54 Billion

24 Hour Volume

$40.34 Billion

24 Hour VWAP

$10.73 K

24 Hour Change

$-9.3183

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Avatar
Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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