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

Earlier today, bitcoin fell below $10,000 and tested the support of the trendline rising from January 3 lows near $6,850. 

Zooming in on the 4H chart shows the digital currency has so far managed to hold on to the ascending trendline support. 

4H chart

Traders can consider adding long positions if the trendline fuels a break above $10,000, putting back the recent high of $10,500 on radar. 

Alternatively, a 4H close below the trendline could bring additional losses toward $9,100. 

Hence, traders can build shorts following the breakdown of the rising support, although with tight stops as diagonal breakdowns often end up as bear traps, especially in a strong bullish trending market like the one we have witnessed over the last six weeks.

Sellers could succeed in pushing the cryptocurrency below the acceding trendline as the negative RSI divergence on D1 is pointing to weakening of the upward momentum. 

D1 chart


  1. First of all I would like to say great blog! I had a quick question which
    I’d like to ask if you don’t mind. I was interested to find out how you center yourself
    and clear your head prior to writing. I’ve had a tough time clearing my mind in getting my
    ideas out there. I truly do enjoy writing
    however it just seems like the first 10 to 15 minutes tend to be wasted
    just trying to figure out how to begin. Any recommendations or tips?

  2. I’m amazed, I have to admit. Rarely do I come across a blog that’s equally educative and entertaining, and without a
    doubt, you’ve hit the nail on the head. The problem is something that too few men and
    women are speaking intelligently about. I’m very happy I found this in my search for something
    relating to this.

  3. An interesting discussion is definitely worth comment.
    I do believe that you need to write more about this issue, it may
    not be a taboo subject but usually folks don’t speak about such topics.
    To the next! Kind regards!!

  4. I was very pleased to uncover this website. I want to to thank you for ones time for this
    particularly fantastic read!! I definitely enjoyed every part of it and I have
    you saved as a favorite to check out new information on your site.
    scoliosis surgery scoliosis surgery

Leave a Reply

Your email address will not be published. Required fields are marked *