The latest Bitcoin and altcoin news show that while the market is not dumping a lot of money in losses, there are still some signs of a weak trend. For example, the recent BTC signals show that the price of the most dominant cryptocurrency is moving lower and is trading below the $10,250 resistance against the US dollar.
This price is likely to extend its decline and visit the levels below $10,000 in the coming sessions. Right now, there is a major declining channel that is forming with resistance near $10,100 on the hourly chart of the BTC/USD pair.
Some of the best cryptocurrency news sites reported that the BTC signals show a downtrend for the price of Bitcoin – something that first started when Bitcoin lost its $10,500 levels. The price settled below $10,400 and the 100 hourly simple moving average. The recent decline, however, was such that the price spiked below the $10,000 level. There were also spikes below $9,900 but Bitcoin (BTC) managed to regain its strength and at least hold up to the five-digit values.
In addition to this, the altcoin news show no signs of strength at all – proving that the BTC signals are very much connected to the altcoin signals. The price of Bitcoin right now needs to climb above the $10,200 and the $10,250 resistance levels in order to start a decent recovery.
If there is no break on the upside, the price of Bitcoin could continue to move down towards the $10,000 and $9,900 levels. A downside break below the $9,893 swing low could additionally push the price of BTC towards the $9,800 support area and trigger the BTC signals for a lower push towards the $9,500 level.
When looking at the charts, we can see that the price of Bitcoin is quite bearish nowadays, showing a momentum that is kept around the $10,200 mark. Therefore, the chances of a bearish break are higher and higher – and the main target for the BTC bears could be $9,650 or even $9,500.
The technical indicators are as following:
- Hourly MACD – The MACD is looking ready to move back in the bear zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is set to break above 50.
- Major Support Levels – $10,000 and then $9,900.
- Major Resistance Levels – $10,200, $10,250 and then $10,350.
In the coming altcoin news today, the biggest loser is Litecoin (LTC), dumping around 3% of its price and going down to $69.
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“$BTC Red Alert!! Big move should happen in the next few days or early next week!! Ema’s are all bunched up together. And right at resistance,” he wrote on Twitter.https://twitter.com/CryptoFib/status/1173407775965233152 The trader also elaborated on a potential Bitcoin breakout. He leaned to the low side, suggesting a wick down below $9,000 which would not last for very long.
“It has always been my theory that $BTC is just building a new base to move off of. Could it wick down to 8500? Sure it could, but too many people are looking at that area and calling it,” he said.Other traders also suggested that a big move could be coming Bitcoin's way very soon. Right now, the bulls are struggling to overcome resistance at $10,450 and BTC has been below that for the past week. On the low side, a fall to $10,000 is where the first support zone for BTC lies. Just like DC Forecasts, many other best cryptocurrency news sites reported about something big potentially coming this week.
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