{"id":393782,"date":"2019-08-21T06:00:03","date_gmt":"2019-08-21T06:00:03","guid":{"rendered":"https:\/\/wncen.com\/?p=393782"},"modified":"2024-06-11T12:50:56","modified_gmt":"2024-06-11T12:50:56","slug":"bitcoin-btc-price-recent-breakdown-could-accelerate-decline","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-recent-breakdown-could-accelerate-decline\/","title":{"rendered":"Bitcoin (BTC) Price Recent Breakdown Could Accelerate Decline"},"content":{"rendered":"<ul>\n<li>Bitcoin price failed to surpass the $11,000 resistance and recently declined against the US Dollar.<\/li>\n<li>The price is currently trading below the key $10,600 and $10,500 support levels.<\/li>\n<li>This week\u2019s followed crucial bullish trend line was breached with support near $10,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is currently at a risk of more downsides below the $10,250 support area.<\/li>\n<\/ul>\n<p><em>Bitcoin price is currently facing an increase in selling below $10,500 against the US Dollar. Therefore, BTC could accelerate its decline if there is a break below $10,000.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, BTC climbed above the $10,800 resistance area against the US Dollar. However, the price struggled to gain momentum above the $10,950 and $11,000 levels. A swing high was formed near $10,960 and recently the price started a downside correction. Similarly, there were bearish moves in <a href=\"https:\/\/wncen.com\/2019\/08\/21\/ethereum-price-eth-approaching-next-break-while-bitcoin-is-correcting\/\" target=\"_blank\" rel=\"noopener noreferrer \">Ethereum<\/a> and <a href=\"https:\/\/wncen.com\/2019\/08\/21\/ripple-price-xrp-breaks-key-support-more-downsides-likely\/\" target=\"_blank\" rel=\"noopener noreferrer \">ripple<\/a> below $200 and $0.2700 respectively in the past few sessions.<\/p>\n<p>Recently, bitcoin price declined below the main $10,600 and $10,500 support levels. Moreover, this week\u2019s followed crucial bullish trend line was breached with support near $10,600 on the hourly chart of the BTC\/USD pair. The pair is now trading below the 23.6% Fib retracement level of the upward move from the $9,488 low to $10,960 high.<\/p>\n<p>Furthermore, there was a close below the $10,400 level and 100 hourly simple moving average. An immediate support is near the $10,200 level. It coincides with the 50% Fib retracement level of the upward move from the $9,488 low to $10,960 high. If there are more downsides, the price could decline further towards the $10,000 support. The stated $10,000 support holds a lot of significance in the near term.<\/p>\n<p>If the price fails to stay above the $10,000 support, it could revisit the $9,488 swing low. Additionally, the price may even tumble below the $9,488 low and trade to a new monthly low. Conversely, if there is an upside correction, the price could test the $10,400 and $10,500 resistance levels. Additionally, the main resistance is near the $10,600 level and the 100 hourly simple moving average.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-19.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-393783\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-19.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-19.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-19.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-19.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-19.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-19.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-19.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-19.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-19.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-19.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-19.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is facing a solid rise in selling pressure below $10,500. Therefore, there is a risk of more downsides below the $10,200 support. More importantly, a successful break below the $10,000 support might start a strong downward move. The next stop for the bears could be $9,500 and $9,200 in the coming sessions.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining sharply below the 40 level.<\/p>\n<p>Major Support Levels \u2013 $10,200 followed by $10,000.<\/p>\n<p>Major Resistance Levels \u2013 $10,400, $10,500 and $10,600.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to surpass the $11,000 resistance and recently declined against the US Dollar. The price is currently trading below the key $10,600 and $10,500 support levels. This week\u2019s followed crucial bullish trend line was breached with support near $10,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is currently at a risk of more downsides below the $10,250 support area. Bitcoin price is currently facing an increase in selling below $10,500 against the US Dollar. Therefore, BTC could accelerate its decline if there is a break below $10,000. Bitcoin Price Analysis Yesterday, BTC climbed above the $10,800 resistance area against the US Dollar. However, the price struggled to gain momentum above the $10,950 and $11,000 levels. A swing high was formed near $10,960 and recently the price started a downside correction. Similarly, there were bearish moves in Ethereum and ripple below $200 and $0.2700 respectively in the past few sessions. Recently, bitcoin price declined below the main $10,600 and $10,500 support levels. Moreover, this week\u2019s followed crucial bullish trend line was breached with support near $10,600 on the hourly chart of the BTC\/USD pair. The pair is now trading below the 23.6% Fib retracement level of the upward move from the $9,488 low to $10,960 high. Furthermore, there was a close below the $10,400 level and 100 hourly simple moving average. An immediate support is near the $10,200 level. It coincides with the 50% Fib retracement level of the upward move from the $9,488 low to $10,960 high. If there are more downsides, the price could decline further towards the $10,000 support. The stated $10,000 support holds a lot of significance in the near term. If the price fails to stay above the $10,000 support, it could revisit the $9,488 swing low. Additionally, the price may even tumble below the $9,488 low and trade to a new monthly low. Conversely, if there is an upside correction, the price could test the $10,400 and $10,500 resistance levels. Additionally, the main resistance is near the $10,600 level and the 100 hourly simple moving average. Looking at the chart, bitcoin price is facing a solid rise in selling pressure below $10,500. Therefore, there is a risk of more downsides below the $10,200 support. More importantly, a successful break below the $10,000 support might start a strong downward move. The next stop for the bears could be $9,500 and $9,200 in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining sharply below the 40 level. Major Support Levels \u2013 $10,200 followed by $10,000. Major Resistance Levels \u2013 $10,400, $10,500 and $10,600.<\/p>\n","protected":false},"author":67,"featured_media":379871,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-393782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Recent Breakdown Could Accelerate Decline<\/title>\n<meta name=\"description\" content=\"Bitcoin price is currently facing an increase in selling below $10,500 against the US Dollar. 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