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Bitcoin(BTC)trade is currently is trading at $10,050. Looking at the chart below we can see a steep fall of around 12% without any green candle. $10,201 is currently acting as resistance with support at $9,678.
It is very likely that the Bitcoin price will touch the support level so it is suggested not to take any fresh long position until the price breaks the resistance of $10,201. The virtual coin may get stuck between the resistance and support for a short time which can be used for swing trading.
The digital coin is currently in the panic phase; during this phase the crypto market is wrought up with a negative sentiment, including weak future outlooks regarding the economy and the entire market. During this phase many investors sell off their stakes in panic. Usually these participants are the ones who just entered the market during the excess phase of the previous run-up.
When taking 9 period moving averages (blue) with 21 period moving averages (red), a bearish crossover is seen with the Bitcoin price trading below both moving averages. Also, the gap between the moving averages is a huge indicator for a negative price movements.
The BTC price is moving between the channels and it can be seen that the channel is expanding with a negative momentum, which indicates a greater volatility with a negative sentiments. It is therefore not recommended to take any long position until the price closes above the middle average line.
Bitcoin(BTC)trade is currently is trading at $10,050. Resistance level is at $10,201 and support level is at $9,678. It is suggested not to take any fresh long position as the market sentiment is presently negative. The price is expected to touch the support at $9,678. If it breaks the support, then it might test the $9,400 level and if it manages to close above $10,250 then it can go up until the $10.500 level.
The current market sentiments are negative, which is dragging the price down and it is suggested to wait until the sentiments turns positive again. The above mentioned levels can be used for swing trading.