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

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

NamePrice24H %
bitcoin
Bitcoin(BTC)
$13,259.81
1.19%

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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