Bitcoin Price Analysis: Another down week for Bitcoin as 10K was just a step too far

Another down week for Bitcoin and still no fireworks after the halving.
The weekly candle looks very indecisive and grapples with 9K.

Rajan Dhall, MSTA FX Daily

BTC/USD weekly chart

Bitcoin is heading for its second weekly bearish close and for the third week, the price has not been able to close above the magical 10K mark. The weekly chart below shows that the market is still in a technical downtrend with another potential lower high created. Although this time the wave low the price needs to break is pretty far down at 4K.

The black downtrend line is the key technical level and if the price breaks above then there could be a run on the resistance zones above. On the downside, there are multiple support levels to look out for. The major moving averages are below current levels and 7K level has been a strong pivot zone in the past too.

Importantly, the Relative Strength Index indicator is still above the 50 mid-line. This could mean that if we do make a wave low it could be a higher low and then the next major resistance is the 10K once again. Obviously, this scenario will take some time to play out so some patience will be needed.

Additional levels

BTC/USD

Overview
Today last price	9169.8
Today Daily Change	110.34
Today Daily Change %	1.22
Today daily open	9059.46

Trends
Daily SMA20	9300.02
Daily SMA50	8097.18
Daily SMA100	7976.05
Daily SMA200	8055.96

Levels
Previous Daily High	9567.69
Previous Daily Low	8800.12
Previous Weekly High	9944.79
Previous Weekly Low	8105.58
Previous Monthly High	9476.83
Previous Monthly Low	6156.67
Daily Fibonacci 38.2%	9093.33
Daily Fibonacci 61.8%	9274.48
Daily Pivot Point S1	8717.15
Daily Pivot Point S2	8374.85
Daily Pivot Point S3	7949.58
Daily Pivot Point R1	9484.73
Daily Pivot Point R2	9909.99
Daily Pivot Point R3	10252.3

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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