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Bitcoin Price Analysis: BTC/USD once again runs out of steam near the critical resistance level

  • BTC/USD faltered just as it approached the $10,000 psychological level.
  • William’s %R indicates that the price is currently overvalued and will face bearish correction.
Bitcoin Price Analysis: BTC/USD once again runs out of steam near the critical resistance level
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD daily chart

BTC/USD daily chart

BTC/USD dropped from $9,792.80 to $9,758.18 in the early hours of Friday. The price lost steam as soon as it neared the $10,000 psychological level. This means that the bulls probably won’t have the momentum required to break past crucial resistance at $10,025, which has thwarted the price twice before. On the downside, healthy support levels lie at $9,540 and $9,171.

The MACD indicates an upcoming reversal of bearish momentum. Finally, William’s %R is trending around -12.80 inside the overbought zone, indicating that the price is currently overvalued and will face short-term bearish correction.

Key levels


 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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