{"id":395609,"date":"2019-09-10T06:00:35","date_gmt":"2019-09-10T06:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=395609"},"modified":"2024-06-11T13:25:16","modified_gmt":"2024-06-11T13:25:16","slug":"bitcoin-price-btc-is-slowly-turning-sell-on-rallies","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-is-slowly-turning-sell-on-rallies\/","title":{"rendered":"Bitcoin Price (BTC) Is Slowly Turning Sell On Rallies"},"content":{"rendered":"<ul>\n<li>Bitcoin price is jumped higher recently, but it struggled to continue above $10,500 against the US Dollar.<\/li>\n<li>The price is currently trading in a bearish zone and it could accelerate losses below $10,200 in the near term.<\/li>\n<li>There is a connecting bearish trend line forming with resistance near $10,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is slowly turning sell on rallies near the $10,450 and $10,500 levels.<\/li>\n<\/ul>\n<p><em>Bitcoin price is currently trading in a range below $10,500 against the US Dollar. BTC could decline further if it continues to struggle below the $10,500 level.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the past few sessions, bitcoin price <a href=\"https:\/\/wncen.com\/2019\/09\/09\/bitcoin-price-btc-at-risk-of-downside-break-below-10200\/\" target=\"_blank\" rel=\"noopener noreferrer \">remained in a bearish zone<\/a> below $10,600 against the US Dollar. The decline was such that the BTC\/USD pair broke the $10,200 support area as well. Moreover, the price spiked below the $10,100 level. A new swing low was formed near the $10,054 and recently the price corrected higher. It spiked above $10,400, but the bulls failed to gain traction above the $10,500 level.<\/p>\n<p>A swing high was formed near $10,529 and the price is currently correcting lower. The price broke the $10,400 level plus the 50% Fib retracement level of the last wave from the $10,054 low to $10,529 high. Moreover, the price is trading well below the $10,350 level and the 100 hourly simple moving average. An immediate support is near the $10,250 level and the 61.8% Fib retracement level of the last wave from the $10,054 low to $10,529 high.<\/p>\n<p>If there is a downside break below the $10,250 support, the price could revisit the <a href=\"https:\/\/wncen.com\/2019\/09\/08\/bitcoin-btc-price-weekly-forecast-downside-thrust-before-fresh-rise\/\" target=\"_blank\" rel=\"noopener noreferrer \">$10,050 support area<\/a>. Any further losses could accelerate decline below the $10,050 and $10,000 levels. A clear break below the $10,000 level might call for a drop to $9,500.<\/p>\n<p>On the upside, an immediate resistance is near the $10,350 and $10,400 levels. Moreover, there is a connecting bearish trend line forming with resistance near $10,450 on the hourly chart of the BTC\/USD pair. The 100 hourly SMA is also near the $10,400 level. Therefore, it won\u2019t be easy for the bulls to push the price above the $10,400 and $10,500 resistance levels.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-395610\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-8.png?resize=1508%2C654\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1508\" height=\"654\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-8.png?w=1508 1508w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-8.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-8.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-8.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-8.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-8.png?w=1140 1140w\" sizes=\"(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 an increase in selling interest below the $10,500 level. As long as the price is trading below the $10,500 level, there are chances of more downsides. If not, the price could surge towards the $11,000 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is about to move back into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $10,250 followed by $10,050.<\/p>\n<p>Major Resistance Levels \u2013 $10,400, $10,500 and $10,550.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is jumped higher recently, but it struggled to continue above $10,500 against the US Dollar. The price is currently trading in a bearish zone and it could accelerate losses below $10,200 in the near term. There is a connecting bearish trend line forming with resistance near $10,450 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is slowly turning sell on rallies near the $10,450 and $10,500 levels. Bitcoin price is currently trading in a range below $10,500 against the US Dollar. BTC could decline further if it continues to struggle below the $10,500 level. Bitcoin Price Analysis In the past few sessions, bitcoin price remained in a bearish zone below $10,600 against the US Dollar. The decline was such that the BTC\/USD pair broke the $10,200 support area as well. Moreover, the price spiked below the $10,100 level. A new swing low was formed near the $10,054 and recently the price corrected higher. It spiked above $10,400, but the bulls failed to gain traction above the $10,500 level. A swing high was formed near $10,529 and the price is currently correcting lower. The price broke the $10,400 level plus the 50% Fib retracement level of the last wave from the $10,054 low to $10,529 high. Moreover, the price is trading well below the $10,350 level and the 100 hourly simple moving average. An immediate support is near the $10,250 level and the 61.8% Fib retracement level of the last wave from the $10,054 low to $10,529 high. If there is a downside break below the $10,250 support, the price could revisit the $10,050 support area. Any further losses could accelerate decline below the $10,050 and $10,000 levels. A clear break below the $10,000 level might call for a drop to $9,500. On the upside, an immediate resistance is near the $10,350 and $10,400 levels. Moreover, there is a connecting bearish trend line forming with resistance near $10,450 on the hourly chart of the BTC\/USD pair. The 100 hourly SMA is also near the $10,400 level. Therefore, it won\u2019t be easy for the bulls to push the price above the $10,400 and $10,500 resistance levels. Looking at the chart, bitcoin price is facing an increase in selling interest below the $10,500 level. As long as the price is trading below the $10,500 level, there are chances of more downsides. If not, the price could surge towards the $11,000 level. Technical indicators: Hourly MACD \u2013 The MACD is about to move back into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just below the 50 level. Major Support Levels \u2013 $10,250 followed by $10,050. Major Resistance Levels \u2013 $10,400, $10,500 and $10,550.<\/p>\n","protected":false},"author":67,"featured_media":344599,"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-395609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price (BTC) Is Slowly Turning Sell On Rallies<\/title>\n<meta name=\"description\" content=\"Bitcoin price is currently trading in a range below $10,500 against the US Dollar. 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