• If Bitcoin fails to reclaim $10000 price level, short-term bearish is likely to play out
• Bitcoin flashes drop to $9700 after losing 6% from a 3-month high.
A few hours ago, we saw Bitcoin losing about 6% after opening short around $10190 today. This sharp drop in price has led most correlating altcoins to see a sizeable loss over the past few hours. The $500 cut has made Bitcoin to now trade under $10000, although the bullish trajectory is still much intact for now.
Key resistance levels: $10200, $10400
Key support levels: $9800, $9200
Bitcoin (BTC) Price Analysis: Daily Chart – Bullish
After breaking $10000 yesterday, Bitcoin has further marked a 3-month high near $10200. Today, Bitcoin saw a sharp fall to $9700 after meeting rejection around the wedge’s upper boundary, but the price has bounced back near $10000. Meanwhile, this rising wedge has held price actions since the beginning of the year 2020.
If BTC continues to correct downward, the price could fall to the wedge’s support at $9800. A break below this support could trigger a huge sell to $9200 as $8400 could play out if Bitcoin continues to drop. In case the buyers manage to regain $10200, the closest resistance to watch out for is $10400 and beyond. Nonetheless, Bitcoin remains bullish on the intraday trading.
Bitcoin (BTC) Price Analysis: 4H Chart – Bullish
The recent drop in price has made Bitcoin to almost touch the wedge’s support of $9700 on the 4-hours chart. But as we can see now, Bitcoin has slightly bounced back, forming a morning star candle pattern. If Bitcoin closes with this candle pattern, a huge price movement could lead to a wedge breakup to $10400. Though, $10200 is a close resistance to watch out for.
A continuous price drop is likely to send more selling pressure in the market. In this case, Bitcoin may revisit the wedge’s support of $9700. A slight wedge breakdown could further drop the price into the blue support area of $9500, followed by $9100. As of now, the bulls are still showing commitment in the market.
BITCOIN SELL ORDER
Sell: $9968
TP: $9700
SL: $10050
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