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Bitcoin Price Analysis: Below $10K, Challenging 2020 Rising Support

Bitcoin Price Analysis: Below $10Ok, Challenging 2020 Rising Support

Earlier at present, bitcoin fell beneath $10,000 and examined the assist of the trendline rising from January three lows close to $6,850. 

Zooming in on the 4H chart reveals the digital forex has thus far managed to carry on to the ascending trendline assist. 

4H chart

Traders can think about including lengthy positions if the trendline fuels a break above $10,000, placing again the current excessive of $10,500 on radar. 

Alternatively, a 4H shut beneath the trendline may carry further losses towards $9,100. 

Hence, merchants can construct shorts following the breakdown of the rising assist, though with tight stops as diagonal breakdowns usually find yourself as bear traps, particularly in a robust bullish trending market just like the one now we have witnessed during the last six weeks.

Sellers may achieve pushing the cryptocurrency beneath the acceding trendline because the unfavorable RSI divergence on D1 is pointing to weakening of the upward momentum. 

D1 chart

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