Can Bulls Save The Day?

Bitcoin is struggling to stay above the USD 11,200 resistance level against the US dollar. BTC is currently correcting lower and may continue to decline towards USD 10,700.

  • Bitcoin is slowly moving lower after hitting an intraday high near the $ 11,349 level.
  • A couple of consecutive candles indicate that the price may go lower towards USD 10,700.
  • On the hourly chart of the BTC / USD pair (Kraken data feed), there was a break below an important bullish trend line with support near USD 11,150.
  • The pair must stay above the $ 10,700 support level to start a new surge in the short term.

Bitcoin price is fighting for $ 11,400

The Bitcoin price made another attempt to outperform the USD 11,400 resistance against the US dollar, but failed. BTC did not stay above the $ 11,200 level and formed an intraday high near the $ 11,349 level.

A correction is currently under $ 11,200, which is well above the simple 100-hour moving average. During the recent dip, there was a break below an important bullish trend line, with support near USD 11,150 on the hourly chart of the BTC / USD pair.

The pair is now approaching USD 10,950 support. It is close to the 50% fib retracement level of the upward wave from $ 10,581 to $ 11,349. The first major support is near the $ 10,850 level.

Bitcoin price

Bitcoin price trades below $11,200. Source: TradingView.com

The next major support is near the $ 10,700 level (a multi-touch zone). Interim support could be the 76.4% fib retracement level of the upward wave from $ 10,581 to $ 11,349 at $ 10,760.

If the bulls don't protect the $ 10,700 support level, the price could test the simple 100-hour moving average. Further losses may lead the price towards the main support zone of USD 10,300.

Present drops in BTC buying opportunity?

Bitcoin clearly shows the first signs of a struggle near the $ 11,200 and $ 11,400 levels. However, the current foundation could only be a consolidation phase above $ 10,700 and $ 10,300.

As long as the price is above support levels of $ 10,700 and $ 10,300, it is likely to resume its upward trend. Further losses could likely lead to an extended downward correction, and the price could even fall below the USD 10,000 support.

Technical indicators:

Hourly MACD – The MACD is currently gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now bearishly below the 50 level.

Major support levels – $ 10,850, followed by $ 10,700.

Major resistance levels – $ 11,200, $ 11,400 and $ 11,500.



Source link

Be the first to comment

Leave a Reply

Your email address will not be published.


*