{"id":439246,"date":"2020-09-22T04:08:31","date_gmt":"2020-09-22T04:08:31","guid":{"rendered":"https:\/\/wncen.com\/?p=439246"},"modified":"2024-06-11T12:49:35","modified_gmt":"2024-06-11T12:49:35","slug":"bitcoin-dives-to-key-support-heres-why-btc-could-extend-losses","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-dives-to-key-support-heres-why-btc-could-extend-losses\/","title":{"rendered":"Bitcoin Dives To Key Support: Here\u2019s Why BTC Could Extend Losses"},"content":{"rendered":"<p><em>Bitcoin price failed to stay above the $10,750 support and declined sharply against the US Dollar. BTC is holding the $10,200 support, but there is a risk of more downsides.<\/em><\/p>\n<ul>\n<li>Bitcoin is down 5% and it broke the $10,750 and $10,550 support levels.<\/li>\n<li>The price is holding the $10,300 region, but it is well below the 100 hourly simple moving average.<\/li>\n<li>There is a major contracting triangle forming with resistance near $10,470 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct higher, but the $10,550 zone is now likely to act as a strong resistance.<\/li>\n<\/ul>\n<h2>Bitcoin Price Dives 5%<\/h2>\n<p>After a couple of <a href=\"https:\/\/wncen.com\/2020\/09\/20\/bitcoin-price-is-primed-for-a-rally\/\" target=\"_blank\" rel=\"noopener \">failed attempts near $11,000<\/a>, bitcoin price started a fresh decline against the US Dollar. BTC broke the<a href=\"https:\/\/wncen.com\/2020\/09\/21\/bitcoin-topside-bias-vulnerable-3\/\" target=\"_blank\" rel=\"noopener \"> $10,750 support level<\/a> to start a substantial decline.<\/p>\n<p>There was also a break below the key $10,550 support and the 100 hourly simple moving average. The price traded close to the $10,200 support and a low is formed near $10,302. Bitcoin is currently correcting higher and trading above the $10,400 level.<\/p>\n<p>There was a break above the 23.6% Fib retracement level of the recent dive from the $10,989 high to $10,302 low. It seems like there is a major contracting triangle forming with resistance near $10,470 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-18.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-439247\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-18.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-18.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-18.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-18.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-18.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-18.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-18.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/09\/Bitcoin-18.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Bitcoin price dives below $10,555. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>If there is an upside break, the price could test the $10,550 resistance (support turned resistance). The next major resistance is near the $10645 level since it is close to the 50% Fib retracement level of the recent dive from the $10,989 high to $10,302 low. The main resistance is now near the $10,800 zone and the 100 hourly simple moving average.<\/p>\n<h2>Risk of More Losses in BTC?<\/h2>\n<p>If bitcoin fails to recover above the $10,550 and $10,650 levels, there is a risk of more losses. An initial support is near the recent low and $10,300.<\/p>\n<p>The main support on the downside is near the $10,200 zone, where the bulls might take a strong stand. However, if the current bearish pressure remains intact, there could be a sharp decline below $10,200 and $10,000.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is recovering and approaching the 40 level.<\/p>\n<p>Major Support Levels \u2013 $10,300, followed by $10,200.<\/p>\n<p>Major Resistance Levels \u2013 $10,550, $10,645 and $10,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to stay above the $10,750 support and declined sharply against the US Dollar. BTC is holding the $10,200 support, but there is a risk of more downsides. Bitcoin is down 5% and it broke the $10,750 and $10,550 support levels. The price is holding the $10,300 region, but it is well below the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $10,470 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct higher, but the $10,550 zone is now likely to act as a strong resistance. Bitcoin Price Dives 5% After a couple of failed attempts near $11,000, bitcoin price started a fresh decline against the US Dollar. BTC broke the $10,750 support level to start a substantial decline. There was also a break below the key $10,550 support and the 100 hourly simple moving average. The price traded close to the $10,200 support and a low is formed near $10,302. Bitcoin is currently correcting higher and trading above the $10,400 level. There was a break above the 23.6% Fib retracement level of the recent dive from the $10,989 high to $10,302 low. It seems like there is a major contracting triangle forming with resistance near $10,470 on the hourly chart of the BTC\/USD pair. Bitcoin price dives below $10,555. Source: TradingView.com If there is an upside break, the price could test the $10,550 resistance (support turned resistance). The next major resistance is near the $10645 level since it is close to the 50% Fib retracement level of the recent dive from the $10,989 high to $10,302 low. The main resistance is now near the $10,800 zone and the 100 hourly simple moving average. Risk of More Losses in BTC? If bitcoin fails to recover above the $10,550 and $10,650 levels, there is a risk of more losses. An initial support is near the recent low and $10,300. The main support on the downside is near the $10,200 zone, where the bulls might take a strong stand. However, if the current bearish pressure remains intact, there could be a sharp decline below $10,200 and $10,000. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is recovering and approaching the 40 level. Major Support Levels \u2013 $10,300, followed by $10,200. Major Resistance Levels \u2013 $10,550, $10,645 and $10,800.<\/p>\n","protected":false},"author":67,"featured_media":439248,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-439246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Dives To Key Support: Here\u2019s Why BTC Could Extend Losses<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed to stay above the $10,750 support and declined sharply. 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