- Bitcoin price is narrowing down to $10,000 support.
- BTC/USD short-term trend is slightly in favor of the bulls.
Bitcoin failed to sustained the formidable gains witnessed on the first day of the week. BTC/USD approached $10,700 but formed a weekly high at $10,669. The dwindling buying pressure opened a gap for bearish action. The selling activity is pressing down on key support areas.
However, $10,100 is coming out as a formidable support during this week’s trading. Bitcoin trend has in the past couple of months formed a lower low pattern. The trend has had some analysts believe that BTC is delaying a bearish price action. The narrowing trend towards $10,000 could result in a breakdown towards $8,500.
The short-term 15-mins timeframe chart shows Bitcoin price holding position within a bullish flag pattern. The continuation pattern is likely propel Bitcoin above $11,000. Psychological levels at $11,000 and $12,000 have had investor waiting with baited breath for higher breakout.
The short-term trend is slightly in favor of the bulls. The moving average convergence divergence (MACD) is moving towards the positive territory as signal for growing buying power.
BTC/USD 15-mins chart
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