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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.

More from Rajarshi Mitra
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