Bitcoin BTC Price Weekly: Risk Of Additional Losses

banner-image
  • There was a fresh decrease initiated in bitcoin btc price from the $10,400 resistance against the US Dollar.
  • The price is currently trading below the $10,100 support area, with a bearish angle.
  • There was a break below a crucial contacting triangle with support near $10,010 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to extend its decline and it may soon revisit the $9,650 and $9,500 supports.

Bitcoin btc price is trading with a bearish bias below $10,400 against the US Dollar. BTC could continue to move down towards the main $9,500 support area.

Bitcoin BTC Price Weekly Analysis

This past week, there were swing moves in BTC below the $10,400 resistance area against the US Dollar. The BTC/USD pair declined sharply below the $10,000 support and tested the $9,650 level. Later, it bounced back above the $10,000 level and $10,200 levels. However, the price struggled to break the $10,400 resistance area and the 100 simple moving average (4-hours).

As a result, a short term top was formed near $10,383 and the price started a fresh decline. It broke the $10,200 support and settled well below the 100 SMA. Additionally, there was a break below the 50% Fib retracement level of the last major wave from the $9,637 low to $10,383 high. More importantly, there was a break below a crucial contacting triangle with support near $10,010 on the 4-hours chart of the BTC/USD pair.

The pair is now trading well below the $10,000 level and is moving with a bearish angle. An immediate support is near the $9,800 level. It coincides with the 76.4% Fib retracement level of the last major wave from the $9,637 low to $10,383 high. If there are more downsides, bitcoin price could revisit the $9,650 support area. The main support area is near the $9,500 and $9,400 levels, below which there could be a sharp drop to $9,000.

On the upside, the recent support near the $10,100 level might act as a resistance. The key resistances are near $10,300, $10,400 and the 100 simple moving average (4-hours). To start a solid upward move, the price must settle above the $10,400 resistance and the 100 simple moving average (4-hours).

Looking at the chart, bitcoin price is clearly struggling to gain bullish momentum above $10,200 and $10,300. Therefore, there is a risk of additional losses below the $9,800 and $9,650 support levels.

Technical indicators

4 hours MACD – The MACD for BTC/USD is currently gaining strength in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level, with bearish signs.

Major Support Level – $9,500

Major Resistance Level – $10,400

June 20, 2024

Immunefi, the Web3.0 bug bounty and security services platform, has exceeded..

June 20, 2024

Japanese gaming giant Konami has partnered with Avalanche to enhance the..

June 20, 2024

MicroStrategy has expanded its total Bitcoin holdings with the purchase of..

ads-image ads-image