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 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.
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.