07-23-2019, 11:46 AM
- Bitcoin price failed to accelerate above $10,700 and declined recently against the US Dollar.
- The price broke the key $10,500 and $10,400 support levels to move into a short term bearish zone.
- There is a new bearish trend line forming with resistance near $10,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price could continue to slide towards the $10,000 and $9,800 support levels in the near term.
Looking at the chart, bitcoin price is clearly facing a lot of hurdles near $10,400 and $10,500 (the previous supports). To start a decent upward move, the price needs to surpass the $10,500 resistance and the 100 hourly SMA. If not, there is a risk of a downside extension below $10,000 in the near term.