At the time of writing, the price of Bitcoin is quoted at $ 10248.71 in the 4H chart, testing the area of its daily support established in the gray box, and with a pair of red candles after a green candle that managed to break the lower support of the indicated rectangle. This fades hope to BTC holders that the asset will soon recover and possibly break the key resistance between $ 10500 – $ 10600 ranges, but not before possibly descending to the key zone established at levels below five digits, more time.
The weekly resistance of BTC still has a upper limit of $ 11500 for now after the sharp decline this weekend, even though it seems a bit far to reach it in the short term. The key support of the principal asset and the area that many BTC holders do not want to come back to is in the red stripe below the five digits @ $ 9400- $ 9700.
Currently, the Bitcoin range is between daily support and daily resistance @ 4H, which is vital that it manages to break so that the digital asset will be able to think, in the medium term, of a price recovery towards the 11k area. If BTC continues testing the gray zone and manages to break down definitively, we could be witnessing daily support levels of up to $ 9700 again. Till the end of the weak we can see $9.1-9.4k before rising to hit 11.3-11.8k
TECHNICAL INDICATORS
Bollinger Bands @1H are a little more scattered and the last red candle managed to break below the key resistance for BTC in the short term and now a challenge of not losing the lower band is projected to avoid declines below the five digits.
The Aroon indicator @1H shows the fall of both signals at the bottom of the graph but can be coincident with the moment of correction presented by the asset before its new projected wave.
The Relative Strength Index (RSI) @1H has made a sharp shift towards the sales area, as a result of which the buyers are exhausted and the volume is falling.