Bitcoin Price Analysis: Rejected at $10,300, consolidating in a narrowing price range

Bitcoin is being squeezed in a narrowing price range on the 1-hour chart. 

The digital currency printed a high of $10,300 an hour ago, where the buyers failed to chew through the selling pressure and prices retraced back to the contracting triangle. 

1-hour chart

Top end of the triangle is now placed around $10,245, which if pierced, could accelerate the preceding move higher from $9,600 and expose the the recent high of $10,500. 

On the other hand, a break below the lower end could be followed by re-test of $10,000. If that support gives in to selling pressure, a deeper decline toward $9,800 may be seen. 

4H chart

Bitcoin is struggling to gather upside traction despite the falling channel breakout seen on 4H chart. The current 4H candle is carrying a long upper shadow, which is a cause for concerns for the bulls. A downside move to $10,000 looks likely, unless, there is a quick progress in favor of the bulls in the form of a break above $10,30, in which case, buyers will likely attack $10,500.

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