{"id":4848,"date":"2020-10-04T03:58:18","date_gmt":"2020-10-04T03:58:18","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=440423"},"modified":"2020-10-04T03:58:18","modified_gmt":"2020-10-04T03:58:18","slug":"bitcoin-closes-below-100-sma-indicators-suggest-larger-decline-to-10k","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-closes-below-100-sma-indicators-suggest-larger-decline-to-10k\/","title":{"rendered":"Bitcoin Closes Below 100 SMA, Indicators Suggest Larger Decline To $10K"},"content":{"rendered":"<p><em>Bitcoin failed to surpass the $11,000 resistance and started a fresh decline against the US Dollar. BTC is now well below the 100 SMA (H4) and it could decline further towards $10,000.<\/em><\/p>\n<ul>\n<li>Bitcoin failed once again to clear the $10,950 and $11,000 resistance levels.<\/li>\n<li>The price is now trading well below $10,750 and the 100 simple moving average (4-hours).<\/li>\n<li>There is a key connecting bullish trend line forming with support near $10,330 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct higher, but upsides are likely to remain capped below $10,800 and the 100 SMA (H4).<\/li>\n<\/ul>\n<h2>Bitcoin Turns Red<\/h2>\n<p>This past week, bitcoin made another attempt to surpass the <a href=\"https:\/\/www.newsbtc.com\/2020\/10\/02\/bitcoin-vulnerable-to-more-losses-10k\/\" target=\"_blank\" rel=\"noopener noreferrer\">$10,950 and $11,000 resistance levels<\/a> against the US Dollar. However, the bulls failed to gain strength, resulting in a sharp decline from the $10,940 swing high.<\/p>\n<p>The price broke many important supports near $10,800 and $10,750 to move into a short-term bearish zone. There was also a break below the 50% Fib retracement level of the upward move from the $10,138 swing low to $10,950 high.<\/p>\n<p>Bitcoin is now trading well below $10,750 and the 100 simple moving average (4-hours). The first major support on the downside is near the $10,350 zone. There is also a key connecting bullish trend line forming with support near $10,330 on the 4-hours chart of the BTC\/USD pair.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Bitcoin-2.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-440424\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Bitcoin-2.png\" alt=\"Bitcoin\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Bitcoin-2.png 1828w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Bitcoin-2-460x218.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Bitcoin-2-860x408.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Bitcoin-2-768x365.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Bitcoin-2-1536x729.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Bitcoin-2-750x356.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Bitcoin-2-1140x541.png 1140w\" sizes=\"(max-width: 1828px) 100vw, 1828px\" \/><\/a><\/p>\n<pre>Bitcoin price dives below $10,800. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener noreferrer\">TradingView.com<\/a><\/pre>\n<p>The trend line is close to the 76.4% Fib retracement level of the upward move from the $10,138 swing low to $10,950 high. If there is a downside break below the trend line support and $10,300, there is a risk of more losses.<\/p>\n<p>The next major support is near the $10,130 level, below which the bears might even aim a <a href=\"https:\/\/www.newsbtc.com\/2020\/10\/01\/bitcoin-lacking-bullish-momentum\/\" target=\"_blank\" rel=\"noopener noreferrer\">larger decline<\/a> below the $10,000 support level in the near term.<\/p>\n<h2>Upsides to be Capped in BTC?<\/h2>\n<p>If bitcoin starts an upside correction, it could face sellers near $10,700. The first major resistance is still near the $10,800 level and the 100 simple moving average (4-hours).<\/p>\n<p>The main resistance is still near the $10,950 and $11,000 levels. A close above the $11,000 resistance is must for a sustained upward move in the coming days.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for BTC\/USD is showing negative signs in the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Level \u2013 $10,350<\/p>\n<p>Major Resistance Level \u2013 $10,800<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin failed to surpass the $11,000 resistance and started a fresh decline against the US Dollar. BTC is now well below&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[112,44,114,115,116],"class_list":["post-4848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4848"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=4848"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4848\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/4849"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=4848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=4848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=4848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}