- Bitcoin faces an intraday pullback as it falls from the height of $10,500 to currently trading at $10,164
- Retains immediate support from the 50-day daily Moving Average
- BTC/USD withholds moderate volatility as the 20-day Bollinger Bands are seen widening
- The Rising Channel that was seen forming is facing lack of momentum as the price takes a steep dip
- The coin faces tough resistance at $10,500 and slips downwards; is likely to consolidate around $9,800 to ace above $10,500 in the upcoming week
Bitcoin seems to face a temporary pullback as it tests support below $10,200 and a further fall may lead the coin to consolidate below $10,000. Having said this, the resistance zone of BTC changes to $10,500 and a persistent rise above the same will take the coin to hit beyond $11,000 soon.
Bitcoin Price Analysis:
Analyzing the hourly movement of Bitcoin against the US Dollar, we see that the coin is likely to welcome moderate volatility in the upcoming days which is confirmed by 20-day Bollinger Bands. The inverse candlestick formation has breached the rising channel as the price corrects downsides, even below $10,200. The trend has broken through the lower 20-day Bollinger Band and retains support from the 50-day MA. However, if the price consolidates even lower, BTC is likely to meet 200-day MA as well.
While on the upside, Bitcoin is likely to hit above $10,500, followed by $11,00 after a generous correction to gain the required pace.
The MACD of the coin appears bearish as the signal line crosses above the MACD line of BTC due to the steep intraday slide towards the major support.
Similarly, the RSI of Bitcoin nosedives to 34.50, hinting towards the slight selling pressure.