Bitcoin technical analysis: BTC/USD making one step forward and two gigantic steps back
- Bitcoin price narrows towards $10,300 support after recovery on Monday failed to make headway above $10,500.
- Limiting immediate upward correction is the 50-day Simple Moving Average (SMA) at $10,433.
Spot rate: $10,296
Relative change: -7.229
High: $10,387.07
Low: $10,278.84
Trend: Bearish
BTC/USD Daily chart
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Despite the lower correction following the rejection at $11,000, BTC/USD is still trading above the long-term bullish trendline.
The short-term analysis is bearish with the full stochastic oscillator sharply drop towards 50 after hitting highs of 86.364 in September.
BTC/USD 4-hour chart
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Bitcoin buyers defend short-term ascending channel support. A breakout above the channel resistance could send BTC above $11,500.
$9,400-$9,200 is the major support zone after being tested three times in the last three months.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
