Is Bitcoin About to Begin Another Decline?

News / 11.02.2020

The price of BTC/USD was able to form a short-term top close to $10.2k and retraced to the downside recently. The price could keep declining while the buyers could stay active over $9.5k.

In recent times, the price surged past $10k but could not clear the hurdle at $10.2k. It was able to form a fresh 2020 high close to $10,201. The price began a downside retracement beneath $10k level and the 100 hourly SMA.

The price declined recently and moved beneath the support at $9,850. The hourly chart of BTC against the USD pair shows the formation of a major bearish with a barrier close to $9,785.

Hence, in the near term, the price is at risk of more declines beneath $9,659 swing low. The immediate key support is observed close to $9,530 and $9.5k.

Any additional declines may serve as the basis for a huge bearish wave, likely to reach the $9.2k support zone in the near term.

The latest downside move may be considered as a part of a downside retracement from the $10,201 swing high. The $9.5k support zone may be critical in the near term.

The buyers should begin to worry about a change to bearish trend if the price declines beneath $9.2k and $9k.

 

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.