Bitcoin (BTC) Is Repelled as It Makes Lower Lows and Lower Highs

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Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bearish
Today, Bitcoin is retracing after being resisted from the $10,000 price level. The bulls were making an upward move after the coin rebounded at the low of $9,290. The upward move was interrupted at the resistance of $10,000. BTC fell to a low of $9,600 and pulled back. The downward move is likely to continue.

At the moment, BTC has been fluctuating between $9,400 and $10,250. It is anticipated that if the price falls below $9,400, the downtrend will resume. On the upside, the bears have heavily defended the resistance levels. The bulls have made two unsuccessful attempts at the $10, 000 resistances but were repelled. The downward move is likely to continue.

Daily Chart Indicators Reading:
The Relative Strength Index period 14 is level 52. Bitcoin is gradually approaching the downtrend zone. At level 52 it is above the centerline 50, which indicates that it may rise. It is likely to further depreciates and RSI may reach the downtrend zone.

BTC/USD Medium-term Trend: Bearish
On the 4- hour chart,, BTC is making a series of lower lows and lower highs as the price falls. The market has  narrowed the resistance levels from a high of $10,400 to $10,000 resistance. The price is currently  resisted at $10,000 price level

4-hour Chart Indicators Reading
Bitcoin is below 50% range of the daily stochastic. This means that the coin is in bearish momentum. BTC is currently falling after the resistance at $10,000. Meanwhile, the price bars are almost below the EMAs which will propel the downward move.

General Outlook for Bitcoin (BTC)
Bitcoin may continue to fall if the bearish momentum is sustained. The tussle for the price has been narrowed between $9,400 and $10,000. The bears are now approaching the low of $ 9,400 to break it. This critical support at 9,400 will determine whether the downtrend will continue.

Instrument: BTC/USD
Order: Sell
Entry price: $9,760
Stop: $9,900
Target: $8,400

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