Bitcoin Price Analysis: Rally Above $10,000 In Jeopardy, False Triangle Breakout Eyes $9,650
- Bitcoin price brief surge above $9,800 falls short of $9,900 on heating a wall at $9,850.
- BTC/USD is staring into a possible breakdown likely to test $9,650 and $9,450 respectively.
Bitcoin is exchanging hands at $9,751 following a rejection from levels above $9,800. Trading has been lethargic in the last seven days after Bitcoin fell head fast from levels above the critical $10,000 to $9,300. Recovery has been steady but not significant. Besides, the ongoing consolidation has forced most buyers to remain in the sidelines as they avoid the choppy markets.
Was the Triangle Breakout False?
Bitcoin surged briefly between the American session on Tuesday and the Asian session on Wednesday. The upward adjustment saw the bulls align for a breakout above the falling triangle pattern. However, the trend lost steam barely testing $9,850. At the time of writing, an ongoing retreat is holding ground above $9,750 (initial support). BTC/USD is dealing with increased selling activity that if not mitigated could pave the way for more losses towards $9,000.
According to the Relative Strength Index (RSI), Bitcoin price is inclined towards sustaining a bearish trend. Moreover, the trading volume appears to be rising, a factor that could push Bitcoin even lower.
BTC/USD daily chart
Support is anticipated at the ascending trendline (broken green line), the 50 Simple Moving Average (SMA) in the 1-hour range, and at $9,700 (former resistance zone). The main support lies within a range spanning from $9,450 and $9,500. Note that Bitcoin dived to $9,300 last week, therefore, losses towards $9,000 are not out of the picture just yet. For now, the best the bulls can do is to hold onto the support at $9,750 and focus on breaking the key hurdles at $9,900 and $10,000.
Bitcoin Key Intraday Levels
Spot rate: $9,751
Relative change: -27
Percentage change: -0.28%
Trend: Bearish
Volume: Growing
Volatility: Low
BTC/USD is staring into a possible breakdown likely to test $9,650 and $9,450 respectively.
To get the daily price analysis, Follow us on TradingView
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Wed, 10 Jun 2020 04:00:12 +0000
![Deja Vu! Bitcoin [BTC] Flash Rise by 7% Begins to Haunt Short Players](https://thebitcoinstreetjournal.com/storage/2020/04/loe0sI.gif "Deja Vu! Bitcoin [BTC] Flash Rise by 7% Begins to Haunt Short Players")
Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram