Bitcoin Price (BTC) Trend Overwhelmingly Bearish, Turned Sell On Rallies

• Bitcoin price is down more than 5% and it recently broke the key $9,760 support against the US Dollar.
• The price is currently consolidating near the $9,500 support and remains at a risk of more losses.
• This week’s followed bearish flag was breached with support near $10,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The price is likely to extend its decline below the $9,500 and $9,480 support levels in the coming sessions.

Bitcoin price fell sharply below the $10,000 and $9,800 supports against the US Dollar. BTC price is currently at a risk of more downsides below the $9,500 support.

Bitcoin Price Analysis

In the past two days, we saw many bearish signs for BTC below the $10,500 support against the US Dollar. Finally, there was a bearish breakdown below the key $10,200 and $10,000 support levels. Additionally, there was a close below the $10,000 support and the 100 hourly simple moving average. More importantly, there were heavy downsides in Ethereum, ripple, binance coin, EOS and litecoin.

Bitcoin price is down around 5% in the past few hours and it even broke the $9,800 and $9,760 support level. Moreover, this week’s followed bearish flag was breached with support near $10,000 on the hourly chart of the BTC/USD pair. It traded to a new weekly low at $9,533 and it is currently consolidating above the $9,500 support area. Recently, there was an upside correction above the $9,600 level.

However, the upward move was capped by the $9,720 level plus the 23.6% Fib retracement level of the recent drop from the $10,304 high to $9,533 low. The price is currently struggling to recover above the $9,650 and $9,700. Above these, the next key resistance is near the $10,000 level. The 50% Fib retracement level of the recent drop from the $10,304 high to $9,533 low is also near the $9,920 level to act as a resistance.

Therefore, an upside correction towards the $9,800 and $10,000 levels could face a strong selling interest in the near term. On the downside, an immediate support is near the $9,500 level. If there is a downside break below the $9,500 support, the price could continue to decline towards the $9,200 support area.

Looking at the chart, bitcoin price is clearly trading in a downtrend below $9,800 and $10,000. Any upside recovery is likely to face sellers near $9,800 and $9,850. On the downside, the bears are likely to aim for a break below $9,500.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the oversold area.

Major Support Levels – $9,500 followed by $9,200.

Major Resistance Levels – $9,700, $9,800 and $10,000.

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by Aayush Jindal on August 29, 2019 at 11:30AM