Bitcoin tries to hold $ 10,000, but the risk of continuing the decline is still there

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The king for many of the cryptocurrencies, Bitcoin fell in line with traditional markets. Bears have full control of the crypto market in the short term. After several days trying to hold the support at $ 11,200, the bears managed to win the battle, dragging the price of Bitcoin towards $ 9,960 in a continuous decline.

After getting demand at a support located at $ 10,157, BTC has managed to breathe a bit, and although it is likely to make a major correction, the risk of continuing to decline is still there.

Technical analysis of the price of Bitcoin. Medium-term trend

From the weekly BTC vs USDT chart, we observe how the bulls continue to maintain control of the medium-term trend. The moving averages EMA of 8 and SMA of 18 weeks are crossed to the upside following this trend. It is still possible that the fall in the price of Bitcoin that we are witnessing is a correction in the medium-term direction, and that the named moving averages function as dynamic supports.

Short term trend

In the daily time frame a clear short-term downtrend is observed, recently reaffirmed with the break of the support at $ 11,200. The recent slide went unchecked towards a low of $ 9,960, and did not make a pullback to test the broken support as it usually does, and this is likely to happen. The next daily support is at $ 9,537. Further down is the demand zone between $ 9,170 and $ 8,900 that converges with the 200-day SMA.