BTC Signals a Declining Trend as it Stands on the Brink of Retracement
The price of BTC/USD is yet to surpass the $10.2k mark. Since the pair experienced a massive decline under $9.8k, it is debatable to say there might be a risk of retracement.
On the previous day, a notation was made regarding the crucial barrier zone which currently stands at $10.2k. There were two trials to surge past barriers at $10.2k and $10.3k.
However, several hurdles saw buyers fail to gain momentum over $10.2k. The pair was vaguely successful in forming a swing close to $10.3k which subsequently led to a decline in price under the $10k support zone.
The hourly BTC against the USD chart did show that the main declining trend line in the previous day sourced a powerful barrier close to $10.2k. The pair traded under $9.8k and $9.7k following a 5%.
The pair went on to the downside trading under the $9.5k support zone, promptly attaining a fresh weekly low at $9,344. An upside look revealed several critical barriers starting at $9,750. The frontmost major barrier lingers between $9.8k and $9,820.
Hence, it is imperative for the pair to move past the barrier at $9,820 for a new attempt to surge above the barrier at $10.2k.
The failure of the pair to extend the upside moves over $9.8k and $9,820 poses a risk of additional declines. The first support is close to $9.5k.
If the price goes below the $9.5k mark, it could force the pair into a declining zone. If the price reaches the zone , the sellers could shift their focus on testing the $9k support zone.