- Bitcoin price pushing for reversal above $10,000; upside strongly capped at $10,074 and $10,491.
- Support areas melt into thin air as Bitcoin stares into the rabbit hope that could refresh $9,000 level.
Bitcoin, according to the experts on FXStreet is bearish in the short-term. However, the monthly timeframe shows a bullish bias. The events in the last 24 hours have been strongly bearish with Bitcoin sliding below $10,000. The bears have extended the price action to $9,869.47 (intraday low).
Although Bitcoin has made a shallow recovery to $10,050 (at the time of press), the upside is strongly capped after vital support areas turned into resistance zones. Glancing up from the current there exists a couple of prominent resistance levels at $10,074 and $10,491. Some of the indicators clustering at $10,074 includes the previous high 15-mins, Fibonacci 23.6% 1-month, previous high 1-hour, SMA 5 1-hour and Bollinger Band 15-mins middle.
Similarly, the indicators forming the resistance at $10,491 are the previous high 1-day, SMA 200 4-h, 38.2% 1-week and SMA 50 daily. Above this level, Bitcoin could revive its trend towards $11,00 and allow focus on levels around $12,000.
Looking at possible support levels, Bitcoin seems to be hanging in the balance. If the low formed at $9,869.47 is broken, the chances of diving to $9,344 will be very high. Therefore, sustaining Bitcoin above $10,000 would be the best gift the bulls can give themselves.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.