Bitcoin (BTC) Faces High Possibility of Experiencing Fresh Decline as BTC Price Recovery Stops

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Bitcoin News Update, previously, Bitcoin (BTC) was experiencing some upward trend as Ether (ETH) and XRP continued its decline. Currently, Bitcoin is trading at $10,407, indicating a 0.82% price surge. Bitcoin has fluctuated from below $10,000 to over $12,000 this month and had mostly been on a downward trend. Although, the currency has recovered up to $10,000 barrier and has continued to push further after experiencing a decline of up to $9,700.

Recently, the Bitcoin price is experiencing many barriers on the upside close to $10,400 against the US Dollar. BTC price may continue its decrease below the $10,000 and $9,950 supports. Bitcoin price started an upside correction after trading as low as $9,483 against the US Dollar. The price is experiencing a strong resistance close to the $10,350 and $10,400 levels. There is a significant bearish movement developing with resistance close to $10,290 on the hourly chart of the BTC/USD pair. There is a high chance of the price dropping if it continues to trade below the $10,500 resistance.

Bitcoin Price Analysis – BTC Experiencing Fluctuating Price – Bitcoin News Today – Bitcoin Price Prediction 2019 – BTC News Today – Movement – A Rapid Upturn by Increasing Above $10,000

Going by the recent Bitcoin price analysis, the price surged above the $10,200 resistance and traded near the $10,500 level. A fluctuating surge was created close to $10,439 and the price is presently decreasing. It appears like the price is creating a solid resistance close to the $10,300 and $10,400 levels. Instant support is close to the $10,000 level. The 50% Fib retracement level of the current recovery from the $9,483 low to $10,439 high is reasonable to support near $9,960.

Bitcoin (BTC) Price Today – BTC / USD

# Name Price24H %
1
bitcoin
Bitcoin(BTC)
$10,305.97
-0.64%

There was a downside delay in bitcoin price beneath the $9,600 and $9,500 levels against the US Dollar. The BTC/USD pair traded as low as $9,483 and resolved well below the 100 hourly simple moving average. Currently, the price began an upside correction above the $9,500 and $9,800 levels. Although, there was a break above the major $10,000 resistance level. The subsequent major support is close to the $9,850 level. It indicates the 61.8% Fib retracement level of the current recovery from the $9,483 low to $10,439 high. Should there be a downside break below the $9,850 support, bitcoin price will probably decrease. If this should happen according to the latest Bitcoin price prediction, the price could return to the $9,500 and $9,480 levels. And any additional losses might shove the price near the $9,220 level.

Bitcoin News Today – Bitcoin Latest Update – Bitcoin Price Prediction – Possible Decline in BTC Price

Hourly MACD – the MACD is gradually stirring back into the bearish zone. Hourly RSI (Relative Strength Index) – the RSI for BTC/USD is presently decreasing beneath the 50 levels. Major Support Levels – $9,960 tailed by $9,850. Major Resistance Levels – $10,250, $10,300 and $10,400.

On the upside, an instant resistance is close to the $10,250 level. Although, there is a significant bearish movement developing with resistance close to the $10,290 on the hourly chart of the BTC/USD pair. Going by Bitcoin price prediction, there is a possibility of the price of the currency recovering further in the short-term, should there be an upside break above the trend line and the $10,400 resistance. Bitcoin’s price appears to be encountering a strong resistance close to the $10,300 and $10,400 levels. If it persists close to $10,250 and $10,400, then there are possibilities of more hurdles below $10,000 and $9,850 in the near-term.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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