{"id":394320,"date":"2019-08-27T06:00:52","date_gmt":"2019-08-27T06:00:52","guid":{"rendered":"https:\/\/uniquehot.com\/?p=394320"},"modified":"2024-06-11T12:50:36","modified_gmt":"2024-06-11T12:50:36","slug":"bitcoin-btc-price-poised-for-continued-weakness","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-price-poised-for-continued-weakness\/","title":{"rendered":"Bitcoin (BTC) Price Poised For Continued Weakness"},"content":{"rendered":"<ul>\n<li>Bitcoin price struggled to gain above $10,500 and declined below $10,300 against the US Dollar.<\/li>\n<li>The price is currently trading in a bearish zone below the $10,350 and $10,500 resistances.<\/li>\n<li>There is a rising channel or a bearish flag forming with support near $10,040 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price could decline sharply if there is a downside break below the $10,000 support.<\/li>\n<\/ul>\n<p><em>Bitcoin price is facing a lot of hurdles near $10,400 and $10,500 against the US Dollar. Therefore, BTC could continue to move down below $10,200 and $10,000.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Yesterday, we saw a solid upward move in bitcoin above $10,250 against the US Dollar. The price even traded above the $10,400 level and the 100 hourly simple moving average. Finally, the price surpassed $10,500, but it <a href=\"https:\/\/uniquehot.com\/2019\/08\/26\/bitcoin-btc-price-flirts-with-key-resistance-after-recent-rally\/\" target=\"_blank\" rel=\"noopener noreferrer \">struggled to retain gains<\/a>. As a result, the price topped near $10,697 and later started a fresh decline. It broke the $10,500 and $10,400 levels to move back into a bearish zone.<\/p>\n<p>Moreover, there was a break below the $10,300 level and 100 hourly simple moving average. A swing low was formed near $10,095 and the price is currently consolidating losses. An immediate resistance is near the $10,200 level and the 100 hourly simple moving average. Additionally, the 23.6% Fib retracement level of the recent decline from the $10,697 high to $10,095 low is also near $10,235. The next key resistance is near the $10,350 level and a connecting bearish trend line on the hourly chart.<\/p>\n<p>Above the trend line, the next resistance is near $10,400. It coincides with the 50% Fib retracement level of the recent decline from the $10,697 high to $10,095 low. The <a href=\"https:\/\/uniquehot.com\/2019\/08\/25\/bitcoin-btc-price-weekly-forecast-remains-sell-until-this-changes\/\" target=\"_blank\" rel=\"noopener noreferrer \">main resistance<\/a> for bitcoin is near the $10,500 level. A successful daily close above $10,500 is needed for a solid upward move. Besides, there is a rising channel or a bearish flag forming with support near $10,040 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>If there is a downside break below the channel support, the price could even break the $10,000 support. The next key support is near the $9,800 area, below which there is a risk of a sharp decline towards $9,500 and $9,250.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-25.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-394321\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-25.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-25.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-25.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-25.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-25.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-25.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-25.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-25.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 clearly trading in a bearish zone below the $10,400 and $10,500 levels. Overall, if the price continues to struggle, the bears are likely to aim a break below $9,800.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $10,000 followed by $9,800.<\/p>\n<p>Major Resistance Levels \u2013 $10,300, $10,400 and $10,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price struggled to gain above $10,500 and declined below $10,300 against the US Dollar. The price is currently trading in a bearish zone below the $10,350 and $10,500 resistances. There is a rising channel or a bearish flag forming with support near $10,040 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price could decline sharply if there is a downside break below the $10,000 support. Bitcoin price is facing a lot of hurdles near $10,400 and $10,500 against the US Dollar. Therefore, BTC could continue to move down below $10,200 and $10,000. Bitcoin Price Analysis Yesterday, we saw a solid upward move in bitcoin above $10,250 against the US Dollar. The price even traded above the $10,400 level and the 100 hourly simple moving average. Finally, the price surpassed $10,500, but it struggled to retain gains. As a result, the price topped near $10,697 and later started a fresh decline. It broke the $10,500 and $10,400 levels to move back into a bearish zone. Moreover, there was a break below the $10,300 level and 100 hourly simple moving average. A swing low was formed near $10,095 and the price is currently consolidating losses. An immediate resistance is near the $10,200 level and the 100 hourly simple moving average. Additionally, the 23.6% Fib retracement level of the recent decline from the $10,697 high to $10,095 low is also near $10,235. The next key resistance is near the $10,350 level and a connecting bearish trend line on the hourly chart. Above the trend line, the next resistance is near $10,400. It coincides with the 50% Fib retracement level of the recent decline from the $10,697 high to $10,095 low. The main resistance for bitcoin is near the $10,500 level. A successful daily close above $10,500 is needed for a solid upward move. Besides, there is a rising channel or a bearish flag forming with support near $10,040 on the hourly chart of the BTC\/USD pair. If there is a downside break below the channel support, the price could even break the $10,000 support. The next key support is near the $9,800 area, below which there is a risk of a sharp decline towards $9,500 and $9,250. Looking at the chart, bitcoin price is clearly trading in a bearish zone below the $10,400 and $10,500 levels. Overall, if the price continues to struggle, the bears are likely to aim a break below $9,800. Technical indicators: Hourly MACD \u2013 The MACD is currently gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level. Major Support Levels \u2013 $10,000 followed by $9,800. Major Resistance Levels \u2013 $10,300, $10,400 and $10,500.<\/p>\n","protected":false},"author":67,"featured_media":394322,"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-394320","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 Poised For Continued Weakness<\/title>\n<meta name=\"description\" content=\"Bitcoin price is facing a lot of hurdles near $10,400 and $10,500 against the US Dollar. 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