Bitcoin cannot hold the ground above the critical $10,000. A strong short-term support is created by $9,700. Bitcoin (BTC) hit $10,166 during early Asian hours and retreated to $9,970 by the time of writing. The lack of follow-through makes the coin vulnerable to further losses. BTC/USD has gained 2.2% on a day-on-day basis and lost 1.1% since the beginning of the day. Bitcoin’s technical picture Looking technically, the initial resistance is created by psychological $10,000 strengthened by the middle line of the 1-hour Bollinger Band. However, once it is broken, we will need to see a follow-through and a sustainable move above the intraday high of $10,166 and the upper line of 4-hour Bollinger Band located on approach for the upside to gain traction. The next strong resistance comes at $10,500. It is created by SMA50 (Simple Moving Average) on a daily chart. The strong support awaits BTC/USD on approach to $9,700. This barrier is created by a confluence of SMA50 and the middle line of the Bollinger Band on 4-hour chart and SMA200 on 1-hour chart. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $9,250 (the lower line of 4-hour Bollinger Band) and psychological $9,000. BTC/USD, 1-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Ethereum market update: ETH/USD stays above the hourly moving averages FX Street 4 years Bitcoin cannot hold the ground above the critical $10,000. A strong short-term support is created by $9,700. Bitcoin (BTC) hit $10,166 during early Asian hours and retreated to $9,970 by the time of writing. The lack of follow-through makes the coin vulnerable to further losses. BTC/USD has gained 2.2% on a day-on-day basis and lost 1.1% since the beginning of the day. Bitcoin's technical picture Looking technically, the initial resistance is created by psychological $10,000 strengthened by the middle line of the 1-hour Bollinger Band. However, once it is broken, we will need to see a follow-through and a sustainable… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
