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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.
Bitcoin technical analysis: BTC/USD making one step forward and two gigantic steps back
John IsigeJohn IsigeFXStreet

Spot rate: $10,296

Relative change: -7.229

High: $10,387.07

Low: $10,278.84

Trend: Bearish

BTC/USD Daily chart

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

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.

BTC/USD

Overview
Today last price10309.21
Today Daily Change-1.43
Today Daily Change %-0.01
Today daily open10310.64
 
Trends
Daily SMA2010165.43
Daily SMA5010418.56
Daily SMA10010264.84
Daily SMA2007796.62
Levels
Previous Daily High10532.57
Previous Daily Low10060.25
Previous Weekly High10942.68
Previous Weekly Low9541.38
Previous Monthly High12325.08
Previous Monthly Low9321.06
Daily Fibonacci 38.2%10240.68
Daily Fibonacci 61.8%10352.14
Daily Pivot Point S110069.74
Daily Pivot Point S29828.83
Daily Pivot Point S39597.42
Daily Pivot Point R110542.05
Daily Pivot Point R210773.47
Daily Pivot Point R311014.37

Author

John Isige

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

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