{"id":394666,"date":"2019-08-30T06:00:03","date_gmt":"2019-08-30T06:00:03","guid":{"rendered":"https:\/\/uniquehot.com\/?p=394666"},"modified":"2024-06-11T13:24:55","modified_gmt":"2024-06-11T13:24:55","slug":"bitcoin-price-btc-in-higher-degree-downtrend-below-10k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-btc-in-higher-degree-downtrend-below-10k\/","title":{"rendered":"Bitcoin Price (BTC) In Higher Degree Downtrend Below $10K"},"content":{"rendered":"<ul>\n<li>Bitcoin price extended its decline and traded towards the $9,300 level against the US Dollar.<\/li>\n<li>The price is currently correcting higher, but it is likely to struggle near $9,600 and $9,760.<\/li>\n<li>There is a short term breakout pattern forming with resistance near $9,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is likely to resume its decline after a short term correction towards $9,760 or $9,800.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading in a higher degree downtrend below $10,000 against the US Dollar. BTC remains at a risk of more downsides as long as it is below $10,000.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, we saw a bearish break below the $10,000 and $9,800 support in BTC against the US Dollar. The price even settled below the $9,760 support and the 100 hourly simple moving average. Finally, there was a break below the $9,500 support and the <a href=\"https:\/\/uniquehot.com\/2019\/08\/29\/bitcoin-price-btc-trend-bearish-sell-rallies\/\" target=\"_blank\" rel=\"noopener noreferrer \">price extended its decline<\/a> towards the $9,300 level. A swing low was formed near $9,308 and the price is currently correcting higher.<\/p>\n<p>An immediate resistance is near the $9,500 level. Additionally, the 23.6% Fib retracement level of the recent decline from the $10,304 high to $9,308 low is also near the $9,500 level. More importantly, there is a short term breakout pattern forming with resistance near $9,500 on the hourly chart of the BTC\/USD pair. Therefore, if there is an upside break above $9,500, the price could extend its upside correction.<\/p>\n<p>The next key resistance is near the $9,760 level (the previous support). However, the main resistance is near the $9,800 level. It coincides with the 50% Fib retracement level of the recent decline from the $10,304 high to $9,308 low. To move back in a positive zone, the price must break the $10,000 resistance and the 100 hourly simple moving average.<\/p>\n<p>On the downside, an initial support is near the $9,400 level. If there is a <a href=\"https:\/\/uniquehot.com\/2019\/08\/28\/bitcoin-btc-price-recovery-wont-be-easy\/\" target=\"_blank\" rel=\"noopener noreferrer \">downside break<\/a> below the $9,400 and $9,300 levels, the price could extend its decline. The next target for the bears could be near the $9,000 level. An intermediate support is near the $9,200 level.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-28.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-394667\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-28.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-28.png?w=1828 1828w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-28.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-28.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-28.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-28.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-28.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/08\/Bitcoin-28.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 higher degree downtrend below $10,000. In the short term, there could be an upside correction above $9,500 and $9,600. However, the bulls are likely to face a lot of hurdles near the $9,760 and $9,800 level. The main hurdle is near the $10,000 pivot level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is recovering towards the 50 level.<\/p>\n<p>Major Support Levels \u2013 $9,400 followed by $9,300.<\/p>\n<p>Major Resistance Levels \u2013 $9,600, $9,760 and $9,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price extended its decline and traded towards the $9,300 level against the US Dollar. The price is currently correcting higher, but it is likely to struggle near $9,600 and $9,760. There is a short term breakout pattern forming with resistance near $9,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is likely to resume its decline after a short term correction towards $9,760 or $9,800. Bitcoin price is trading in a higher degree downtrend below $10,000 against the US Dollar. BTC remains at a risk of more downsides as long as it is below $10,000. Bitcoin Price Analysis Recently, we saw a bearish break below the $10,000 and $9,800 support in BTC against the US Dollar. The price even settled below the $9,760 support and the 100 hourly simple moving average. Finally, there was a break below the $9,500 support and the price extended its decline towards the $9,300 level. A swing low was formed near $9,308 and the price is currently correcting higher. An immediate resistance is near the $9,500 level. Additionally, the 23.6% Fib retracement level of the recent decline from the $10,304 high to $9,308 low is also near the $9,500 level. More importantly, there is a short term breakout pattern forming with resistance near $9,500 on the hourly chart of the BTC\/USD pair. Therefore, if there is an upside break above $9,500, the price could extend its upside correction. The next key resistance is near the $9,760 level (the previous support). However, the main resistance is near the $9,800 level. It coincides with the 50% Fib retracement level of the recent decline from the $10,304 high to $9,308 low. To move back in a positive zone, the price must break the $10,000 resistance and the 100 hourly simple moving average. On the downside, an initial support is near the $9,400 level. If there is a downside break below the $9,400 and $9,300 levels, the price could extend its decline. The next target for the bears could be near the $9,000 level. An intermediate support is near the $9,200 level. Looking at the chart, bitcoin price is clearly trading in a higher degree downtrend below $10,000. In the short term, there could be an upside correction above $9,500 and $9,600. However, the bulls are likely to face a lot of hurdles near the $9,760 and $9,800 level. The main hurdle is near the $10,000 pivot level. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is recovering towards the 50 level. Major Support Levels \u2013 $9,400 followed by $9,300. Major Resistance Levels \u2013 $9,600, $9,760 and $9,800.<\/p>\n","protected":false},"author":67,"featured_media":379871,"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-394666","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) In Higher Degree Downtrend Below $10K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading in a higher degree downtrend below $10,000 against the US Dollar. 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