Bitcoin Should Fall Back First To Resume Its Growth Curve

The price of the Bitcoin is at downside risk, and it is currently under pressure. The price recently went down to the $10,500 support versus the USD.  Bitcoin is struggling to touch upon the $10,200 support area.  A critical bearish trend line is formed, and resistance is seen near $10,400 on the hourly chart of the BTC/USD pair.  The price might decline rapidly if it breaks past the $10,200 and $10,100 support levels in the near term.

The price of the Bitcoin recently struggled to surpass the $11,000 resistance level versus the USD.  Thus, there was a downside correction and the USD traded below the $10,600 and $10,500 support levels.  A close was seen below the $10,500 support level and the 100 hourly simple moving average.  The price provided for more losses below the $10,400 level.

The price was trading at $10,144 and was starting an upside correction.  A critical bearish trend line is forming with resistance near $10,400 on the hourly chart of the BTC/USD pair.  The pair is trading below the $10,400 level currently.  Major resistances are seen at the $10,400 and $10,500 levels.  If there will be a successful close above $10,500, the price might continue to rise in the forthcoming sessions.  The next key resistance is seen near the $10,650 level.

The MACD is moving in the bearish zone.  The Relative Strength Index for BTC/USD is below the 50 levels.  Major support levels are seen at $10,200, followed by $10,100. Major resistance levels are seen at $10,400, 10,500, and $10,650.

The Bitcoin consolidation continues, and analysts are looking for the next direction.  Most of them are of mixed opinion; however, several analysts predict a significant fall before any upward price momentum can be resumed.

BTC has been trading in a range-bound manner.  The channel has been tightening, and there was minimal movement over the past week; however, this has happened before.  The price action is not linear, and the asset continues to be highly volatile, and, therefore, a larger swing might occur before any trend direction can take place.

In order to stick back to its growth curve, Bitcoin should fall back first.

Dave the Wave tweeted thus:  “Some are wondering why BTC can’t do sideways for a significant period of time [across to the growth curve at this level]. Problem is BTC is volatile and doesn’t do sideways for long. This parabola and correction have always been about chewing up time for it to meet the curve imo.”

Marjory Lewis

Marjory is a science graduate with interest in new technological innovations. She has been attracted to blockchain from the very beginning and covers bitcoin and blockchain news for Bitcoin Journal.

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