Bitcoin (BTCUSD) is likely to continue its retreat after sellers put in resistance around $10,500.
BTC/USD 4H Chart
- We noted a bearish outlook when price retreated from a falling resistance around $11,500. Although price extended above a little bit, it retreated sharply back down.
- The 4H chart shows that BTC/USD has broken below a rising channel.
- Then, after finding support at $9,600, BTCUSD rallied only to find resistance at a key pivot: $10,500.
- The failure to push above shows that bears are in charge.
- Price is now pushing back at $9600.
- I would not rely on this support other than in the near-term.
- I think it will eventually break over the weekend, and price will be pushing towards$8800-$9000.