Bitcoin (BTC) Price Technical Bias Favors More Downsides | NewsBTC

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  • Bitcoin price is struggling to climb above the $11,500 and $11,600 resistances against the US Dollar.
  • The price is holding the key $11,200 support, but it remains at a risk of more downsides.
  • There are two key bearish trend lines forming with resistance near $11,400 and $11,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could decline heavily if there is a break below the $11,200 support area in the near term.

Bitcoin price is showing bearish signs below $11,500 against the US Dollar. BTC price might soon decline below the $11,200 support and extend losses towards $10,500.

Bitcoin Price Analysis

Recently, bitcoin price traded below the key $11,500 support area against the US Dollar. The BTC/USD pair also settled below $11,600 and the 100 hourly simple moving average. It opened the doors for more downside and the price spiked below the $11,200 support. Finally, a swing low was formed at $11,112 and the price recently settled above the $11,200 pivot level.

Moreover, there was an upside correction above the $11,400 level. However, the recovery was capped by the $11,600 resistance area. More importantly, the 50% Fib retracement level of the decline from the $11,976 high to $11,112 low acted as a resistance. The price is now trading with a bearish angle below the $11,500 level. Besides, it is testing the 50% Fib retracement level of the upward move from the $11,112 low to $11,581 high.

On the downside, there is a strong support near the $11,200 level. The 61.8% Fib retracement level of the upward move from the $11,112 low to $11,581 high might also act as a support. Therefore, a downside break below the $11,200 support could start another drop. The next major support is near $11,000, below which bitcoin price could decline towards $10,500 (as discussed in the weekly forecast).

On the upside, there are many hurdles near the $11,500 and $11,600 levels. Moreover, there are two key bearish trend lines forming with resistance near $11,400 and $11,600 on the hourly chart of the BTC/USD pair. Therefore, a successful close above the $11,500 and $11,600 levels is needed for a fresh upward move.

Looking at the chart, bitcoin price is clearly struggling to recover above the $11,600 resistance and the 100 hourly simple moving average. As long as there is no daily close above $11,600 and $11,800, there is a risk of more losses in the near term.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving lower and is below 50.

Major Support Levels – $11,200 followed by $11,000.

Major Resistance Levels – $11,500, $11,600 and $11,800.


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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