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

Bitcoin Exchange CEX.IO

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. 

Bitcoin Exchange CEX.IO

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.

The post Bitcoin Price Analysis: Rejected at $10,300, consolidating in a narrowing price range appeared first on BitcoinPrice.com.



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

Bitcoin Exchange CEX.IO

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