Bitcoin price analysis: BTC/USD flood gates open to bears following vital trend line breach

Bitcoin price analysis: BTC/USD flood gates open to bears following vital trend line breach

Wednesday, July 10, 2019, 6:09 PM
bears price analysis
  • Bitcoin is trading down around 3% on Wednesday, after losing ground up at $13,000 territory.
  • Near-term price action for BTC/USD broke below a critical ascending trend line of support.

Bitcoin price in the latter stages of Wednesday is nursing losses of around 3%, as pressures remain to the downside.

BTC/USD bears managed to smash below a critical near-term ascending trend line of support, as can be seen via the 60-minute chart view. The price heading towards a reversal of the decent start to the week that had been seen.

The next major area of demand is eyed down at $11,000-10,800 price range, where the bulls picked upside momentum on 7th July. Should this fail to support the price, it could very quickly again give up the $10,000 mark.

BTC/USD 60-minute chart

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