Bitcoin Bulls Weaken a Bit; BTC/USD Trades Around $10,550 After Soaring at $10,800

Bitcoin Bulls Weaken a Bit; BTC/USD Trades Around $10,550 After Soaring at $10,800
  • BTC/USD fell from the upper range of $10,600 and $10,800 to trade around $10,550.
  • Bitcoin price will face the major and key support at $10,000 only, with immediate support area being around $10,300.

Bitcoin price has a bearish crossover at present after having a trade above $10,800 in the latter half of the day, yesterday. BTC price bounced to $10,833.39 in the past 24-hours. This surge spiked the coin by 4.34%, giving expectations to have an ultimate Bull Run. However, the hourly breakup of the trading duration will show that the price first fell to $10,382.72 after it corrected down from $10,643.47 and before it bounced back beyond $10,800.

This was where Bitcoin made an estimate about the resistance and the support around $10,800 and $10,300 respectively. Whereas the two healthy support levels to save the coin from a total crossover would be $10,300 and $10,000.

Tracing the 15 minutes movement of the coin over the past 1 day we see that short-term moving averages have let the coin come out of the selling pressure. BTC gains a rooted support from the 10-day EMA ($10,260.06) and 10-day SMA ($10,048.56).

The current trading price (at the time of penning down) is notably above by 2.91% and 5.08% from the said short-term averages, serving as the major support areas as well. The 50-day SMA ($10,439.25) is also notably lower than $10,559.16. The MACD of the coin is moving flat with a sight bearish crossover at present, although away from the negative array. While the RSI is quite close to 40, but elevated from the lower range which shows no extremities.

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