Bitcoin has failed to break the resistance at $10,400 as the bears pushed the cryptocurrency to a low of $9,800. Expectantly, BTC ought to rebound at the low of $9,800 and rally above the $10,400 resistance. On February 11, Bitcoin rebounded at the low of $9,800 to reach the resistance at $10,400.
On the 4-hour chart, the bulls tested the resistance at $10,400 on three occasions before the coin was repelled. The price fell to the previous support at $9,800. A rebound is likely if the upward move is to continue. Nonetheless, if the bulls fail to rebound, the bears will take advantage of the bull’s failure to break below the support.
Broken support of $9,800 will push Bitcoin to the low of $9,200.On the downside, the bears have broken below the EMAs and the bullish trend line. This is an indication that the downward move is ongoing. Meanwhile, the Relative Strength Index period 14 level 33 indicates that the coin is in the downtrend zone. Bitcoin is below the centerline 50 which means the coin will be falling.
Bitcoin Likely to Fall to the Low of $9,200, as $9,800 Support Cracks
The bears seem to have broken below the support at $9, 800. In retrospect, the bulls were resisted at the $10,000 resistance after a price rally in October 2019. The price consolidated below the resistance for over a week. Then a retest was made at the resistance before Bitcoin makes a final downward move. Bitcoin fell to the support at $7,000. Today, Bitcoin will be on a downward move, if the bears succeed in breaking below the EMAs and the lower channel of the ascending channel. Bitcoin will fall to the next support at $9,200.
Nonetheless, the coin is below 75% of the daily stochastic. That is, BTC is in bearish momentum. Previously, the cryptocurrency has been in the overbought region when it was above $10,000 since January 29. The coin was lingering in the overbought region because it was in a strong momentum.
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