BTC Is Currently Correcting Lower and Could Dive towards $10...
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BTC Is Currently Correcting Lower and Could Dive towards $10,700 in the Near Term

In the past session, the BTC/USD pair made another attempt to surpass the $11,400 resistance, but it failed. The BTC price struggled to stay above the $11,200 level and formed an intraday high near the $11,349 level. It is currently making a downside correction below the $11,200 level. However, the price is still well above the 100 hourly simple moving average (SMA). 

During the recent downward wave, there was a break below a crucial bullish trend line, with support near $11,150 on the hourly chart of the BTC/USD pair. The hourly MACD for the pair is currently gaining pace in the bearish zone. Its hourly RSI (Relative Strength Index) is now below the 50 level, with bearish signs.

On the downside, the pair is now approaching the $10,950 support. It is near the 50% Fib retracement level of the recent upward wave from $10,581 swing low to $11,349 high. The first major support is close to the $10,850 level. An intermediate support might be near the 76.4% Fib retracement level of the recent upward wave from $10,581 swing low to $11,349 high at $10,760. 

The next major support is close to the $10,700 level. If the bulls fail to protect the $10,700 support level, the price could test the 100 hourly SMA. Any further losses may perhaps push the price towards the main $10,300 support zone in the coming sessions.

On the other hand, BTC is showing early signs of struggle near the $11,200 and $11,400 levels. Therefore, the current formation could be just a consolidation phase above the $10,700 and $10,300 levels. As long as the BTC price is trading above the $10,700 and $10,300 support levels, it is likely to resume its increase. Any further losses may probably start a massive decline and the price could even dive below the $10,000 support 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.