- Bitcoin dives towards $10,000 support after rising wedge pattern breakout.
- Analysts foresee a spiral in Bitcoin price before the next rally.
Bitcoin continues to prove many analysts’ predictions right. Especially those predicting that a drop to $9,000 is necessary before the next rally that might close in on $20,000. As predicted yesterday, Bitcoin broke out of the rising wedge pattern on the hourly timeframe.
The grandparent of cryptocurrencies successfully forced its way through the short-term support at $10,600. The losses smashed past the tentative support at $10,400 as well as the next support target at $10,200. An intraday low was formed at $10,083.85 following a more than 5% lower correction on the day.
Slightly bullish price action is underway at press time. The biggest task lies with the buyers to ensure that Bitcoin stays above $10,200 especially with the $10,200 support broken. Meanwhile, technicals are strongly negative suggesting a continued breakdown in the coming sessions.
On the brighter side, Bitcoin is possibly oversold according to the Relative Strength Index (RSI) current level at 25.714. Therefore, an upward reversal will mean that Bitcoin bulls are regaining control. Consequently, the price will most likely reclaim $10,200 support and allow focus on levels higher than $10,400 resistance.
BTC/USD 1-hour chart
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