BTC Could Correct Lower Towards $10,700 before a Fresh Incre...
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BTC Could Correct Lower Towards $10,700 before a Fresh Increase

After a downside correction from $11,400, the BTC/USD pair found support near the $10,700 level. The BTC price remained well bid above the $10,700 level and the 100 hourly simple moving average (SMA). Moreover, the price climbed back above $11,000, but it failed to gain strength above the $11,200 level. A recent high is formed close to $11,195 and the price is currently making a downside correction. The correction was such that the price traded below the $11,100 and $11,000 levels.

Notably, there was a break below a key bullish trend line with support near $10,900 on the hourly chart of the BTC/USD pair. The pair is now testing the 50% Fib retracement level of the recent uptrend from $10,599 low to $11,195 high. The hourly MACD for the pair is currently gaining strength in the bearish zone. Its hourly RSI (Relative Strength Index) is now correcting lower towards the 50 level.

An immediate support on the downside is close to the $10,820 level. It is also near the 61.8% Fib retracement level of the recent uptrend from $10,599 low to $11,195 high. The main support is close to the $10,700 level. A successful close below the $10,700 level may perhaps open doors for an extended decline in the coming sessions. In the mentioned bearish case, the BTC price is likely to test the $10,300 support zone.

Conversely, once the current correction wave is complete, the BTC price is likely to resume its upward move above $11,000. The first major resistance on the upside is close to the $11,200 level. To start a fresh increase, there should be a successful close above the $11,200 level. The next major resistance is near the $11,400 and $11,500 levels. Any further gains could pave way for a push towards the main $12,000 resistance in the near term.

coinmag

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.