{"id":395817,"date":"2019-09-12T06:00:26","date_gmt":"2019-09-12T06:00:26","guid":{"rendered":"https:\/\/wncen.com\/?p=395817"},"modified":"2024-06-11T12:54:31","modified_gmt":"2024-06-11T12:54:31","slug":"bitcoin-price-btc-showing-signs-of-continued-weakness","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-btc-showing-signs-of-continued-weakness\/","title":{"rendered":"Bitcoin Price (BTC) Showing Signs of Continued Weakness"},"content":{"rendered":"<ul>\n<li>Bitcoin price is moving lower and is trading well below the $10,250 resistance against the US Dollar.<\/li>\n<li>The price is likely to extend its decline below the $10,000 support level in the coming sessions.<\/li>\n<li>There is a major declining channel forming with resistance near $10,180 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price remains at a risk of more downside as long as the price is below $10,250 and $10,400.<\/li>\n<\/ul>\n<p><em>Bitcoin price is showing a lot of bearish signs below $10,400 against the US Dollar. BTC could accelerate losses if there is a daily close below the $10,000 support.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>This week, we discussed <a href=\"https:\/\/wncen.com\/2019\/09\/10\/bitcoin-price-btc-is-slowly-turning-sell-on-rallies\/\" target=\"_blank\" rel=\"noopener noreferrer \">downtrend for bitcoin price<\/a> below the $10,500 pivot level against the US Dollar. The price settled below $10,400 and the 100 hourly simple moving average. Moreover, the price declined below the $10,250 support area to move into a negative zone. The recent decline was such that the price spiked below the $10,000 level. Besides, there were spikes below $9,900 and a new weekly swing low at $9,893.<\/p>\n<p>Recently, there was an upside correction above $10,040 plus the 23.6% Fib retracement level of the downward move from the $10,58 high to $9,893 low. However, the price is facing hurdles near the $10,200 level. It seems like the 50% Fib retracement level of the downward move from the $10,58 high to $9,893 low is capping the upward move.<\/p>\n<p>Additionally, there is a major declining channel forming with resistance near $10,180 on the hourly chart of the BTC\/USD pair. Above the channel resistance, the 100 hourly SMA is positioned near the $10,250 level. Therefore, the price needs to climb above the $10,200 and $10,250 resistance levels to start a decent recovery. The 61.8% Fib retracement level of the <a href=\"https:\/\/wncen.com\/2019\/09\/11\/bitcoin-price-btc-remains-in-steady-corrective-decrease\/\" target=\"_blank\" rel=\"noopener noreferrer \">downward move<\/a> from the $10,58 high to $9,893 low is also near $10,280.<\/p>\n<p>If there is no upside break, the price could continue to move down towards $10,000 and $9,900. A downside break below the $9,893 swing low could push the price towards the $9,800 support area. Any further losses could open the doors for a push towards the $9,500 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-10.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-395818\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-10.png?resize=1508%2C654\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1508\" height=\"654\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-10.png?w=1508 1508w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-10.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-10.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-10.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-10.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/09\/Bitcoin-10.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 showing bearish signs below the $10,200 and $10,250 levels. Therefore, there are high chances of a bearish break below the $10,000 and $9,800 level in the near term. The main target for the bears this week could be $9,650 or $9,500.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is about to move back in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is about to break the 50 level.<\/p>\n<p>Major Support Levels \u2013 $10,000 followed by $9,900.<\/p>\n<p>Major Resistance Levels \u2013 $10,200, $10,250 and $10,350.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is moving lower and is trading well below the $10,250 resistance against the US Dollar. The price is likely to extend its decline below the $10,000 support level in the coming sessions. There is a major declining channel forming with resistance near $10,180 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price remains at a risk of more downside as long as the price is below $10,250 and $10,400. Bitcoin price is showing a lot of bearish signs below $10,400 against the US Dollar. BTC could accelerate losses if there is a daily close below the $10,000 support. Bitcoin Price Analysis This week, we discussed downtrend for bitcoin price below the $10,500 pivot level against the US Dollar. The price settled below $10,400 and the 100 hourly simple moving average. Moreover, the price declined below the $10,250 support area to move into a negative zone. The recent decline was such that the price spiked below the $10,000 level. Besides, there were spikes below $9,900 and a new weekly swing low at $9,893. Recently, there was an upside correction above $10,040 plus the 23.6% Fib retracement level of the downward move from the $10,58 high to $9,893 low. However, the price is facing hurdles near the $10,200 level. It seems like the 50% Fib retracement level of the downward move from the $10,58 high to $9,893 low is capping the upward move. Additionally, there is a major declining channel forming with resistance near $10,180 on the hourly chart of the BTC\/USD pair. Above the channel resistance, the 100 hourly SMA is positioned near the $10,250 level. Therefore, the price needs to climb above the $10,200 and $10,250 resistance levels to start a decent recovery. The 61.8% Fib retracement level of the downward move from the $10,58 high to $9,893 low is also near $10,280. If there is no upside break, the price could continue to move down towards $10,000 and $9,900. A downside break below the $9,893 swing low could push the price towards the $9,800 support area. Any further losses could open the doors for a push towards the $9,500 level. Looking at the chart, bitcoin price is showing bearish signs below the $10,200 and $10,250 levels. Therefore, there are high chances of a bearish break below the $10,000 and $9,800 level in the near term. The main target for the bears this week could be $9,650 or $9,500. Technical indicators: Hourly MACD \u2013 The MACD is about to move back in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is about to break the 50 level. Major Support Levels \u2013 $10,000 followed by $9,900. Major Resistance Levels \u2013 $10,200, $10,250 and $10,350.<\/p>\n","protected":false},"author":67,"featured_media":344597,"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-395817","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) Showing Signs of Continued Weakness<\/title>\n<meta name=\"description\" content=\"Bitcoin price is moving lower and is trading well below the $10,250 resistance against the US Dollar. The price is likely to extend its decline below theBitcoin price is showing a lot of bearish signs below $10,400 against the US Dollar. 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BTC could accelerate losses if there is a daily close below the $10,000 support.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-price-btc-showing-signs-of-continued-weakness\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Price (BTC) Showing Signs of Continued Weakness","og_description":"Bitcoin price is moving lower and is trading well below the $10,250 resistance against the US Dollar. The price is likely to extend its decline below theBitcoin price is showing a lot of bearish signs below $10,400 against the US Dollar. 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The price is likely to extend its decline below theBitcoin price is showing a lot of bearish signs below $10,400 against the US Dollar. BTC could accelerate losses if there is a daily close below the $10,000 support.","breadcrumb":{"@id":"https:\/\/wncen.com\/news\/bitcoin-price-btc-showing-signs-of-continued-weakness\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/wncen.com\/news\/bitcoin-price-btc-showing-signs-of-continued-weakness\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/news\/bitcoin-price-btc-showing-signs-of-continued-weakness\/#primaryimage","url":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc7-bearish.jpg?fit=1200%2C600","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc7-bearish.jpg?fit=1200%2C600","width":1200,"height":600,"caption":"technical analysis bitcoin"},{"@type":"BreadcrumbList","@id":"https:\/\/wncen.com\/news\/bitcoin-price-btc-showing-signs-of-continued-weakness\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wncen.com\/"},{"@type":"ListItem","position":2,"name":"Bitcoin Price (BTC) Showing Signs of Continued Weakness"}]},{"@type":"WebSite","@id":"https:\/\/wncen.com\/#website","url":"https:\/\/wncen.com\/","name":"NewsBTC","description":"Bitcoin &amp; Cryptocurrency News Today","publisher":{"@id":"https:\/\/wncen.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/wncen.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/wncen.com\/#organization","name":"NewsBTC","url":"https:\/\/wncen.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","width":157,"height":46,"caption":"NewsBTC"},"image":{"@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/newsbtc","https:\/\/x.com\/newsbtc","https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw"]},{"@type":"Person","@id":"https:\/\/wncen.com\/#\/schema\/person\/1f8631be4d0868de3fd2f21f17d9ae70","name":"Aayush Jindal","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a4650459bf0ce4ce9ed18195cbf5a02d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a4650459bf0ce4ce9ed18195cbf5a02d?s=96&d=mm&r=g","caption":"Aayush Jindal"},"description":"Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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