{"id":396246,"date":"2019-09-17T06:00:47","date_gmt":"2019-09-17T06:00:47","guid":{"rendered":"https:\/\/uniquehot.com\/?p=396246"},"modified":"2024-06-11T13:25:29","modified_gmt":"2024-06-11T13:25:29","slug":"bitcoin-price-btc-at-clear-risk-of-further-declines","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-btc-at-clear-risk-of-further-declines\/","title":{"rendered":"Bitcoin Price (BTC) At Clear Risk of Further Declines"},"content":{"rendered":"
Bitcoin price is trading with an increased bearish bias against the US Dollar. BTC might accelerate its decline below $10,200 in the coming sessions.<\/em><\/p>\n Yesterday, we discussed the importance of the $10,250 support<\/a> for bitcoin against the US Dollar. The pair remained in a negative zone below the $10,400 resistance level and the 100 hourly simple moving average. As a result, there was a bearish reaction below the key $10,300 and $10,250 support levels. During the decline, there was a break below yesterday\u2019s highlighted breakout pattern with support near $10,320 on the hourly chart of BTC\/USD.<\/p>\n The decline gained pace below the $10,200 level. Moreover, the price spiked below $10,150 and tested the $10,000 support level. Recently, it recovered and climbed back above $10,300. However, the upward move was capped by the $10,350 level and the 100 hourly simple moving average. More importantly, there is a key bearish trend line forming with resistance near $10,340 on the same chart.<\/p>\n The pair is currently declining and is trading below the 23.6% Fib retracement level of the recent recovery from the $10,000 swing low to $10,348 high. On the downside, an immediate support is near the $10,175 level. It represents the 50% Fib retracement level of the recent recovery from the $10,000 swing low to $10,348 high. The main supports on the downside are near the $10,000 and $9,900 levels.<\/p>\n On the upside, there are many resistances near the $10,300, $10,350 and $10,400 levels. The main resistance is still near the $10,500 level<\/a>. A successful break above the $10,400 level and a follow through above $10,500 is needed for upside acceleration in the near term.<\/p>\nBitcoin Price Analysis<\/h2>\n