- Bitcoin price is pressing down on the short-term support at $9,800 as selling pressure extends the action.
- The MACD shows that all is not lost in this battle; bulls still have the energy to defend short-term support.
Bitcoin is unable to stay sustain gains above $10,000 following the drop experienced last week. In fact, it is as though the price is allergic to $10,000 and now seeking a safe haven towards $9,000.
The correction that breached $10,200 came as an accurate prediction by FXStreet. Moreover, as long BTC fails to hold above $10,000, the risk for losses is dangerously massive. Especially now that the bears have regained control of the price.
Bitcoin is not only trading below the moving averages, the 50 Simple Moving Average (SMA) 1-hour is expanding the gap below the longer term 100 SMA. Other technical indicators like the Relative Strength Index clearly show that the path of least resistance is downwards.
On the flipside, all is not lost for the buyers as the Moving Average Divergence inches closer to the mean line (0.00). The slightly positive divergence show that the bulls have some energy left to at least defend the short-term support at $9,800.
BTC/USD 1-hour chart
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