Bitcoin price traded to a new monthly low at $9,853 before correcting higher against the US Dollar. BTC is still following a bearish pattern and it is likely to accelerate lower below $10,000.
- Bitcoin is trading in a bearish zone below the $10,800 and $10,500 support levels.
- The price is facing a strong resistance near $10,500 and the 100 hourly simple moving average.
- There is a major declining channel forming resistance near $10,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to resume its decline as long as it is below $10,300 and $10,500.
Bitcoin Price Remains At Risk
In the past few days, there was a strong decline in bitcoin price below the $10,800 support against the US Dollar. BTC even settled below the $10,500 support and the 100 hourly simple moving average.
A new monthly low is formed near $9,853 and the price is currently consolidating losses. There was a short-term upside correction above the $10,000 and $10,050 levels. Bitcoin recovered above the 50% Fib retracement level of the recent decline from the $10,640 high to $9,850 swing low.However, the price is facing hurdles near the $10,400 level. There is also a major declining channel forming resistance near $10,300 on the hourly chart of the BTC/USD pair.
Bitcoin price trades below $10,300. Source:The channel resistance is close to the 61.8% Fib retracement level of the recent decline from the $10,640 high to $9,850 swing low. A clear break above the channel resistance could send the price above the $10,350 level.
