Bitcoin price declined more than 12% in the past few hours and broke the $11,500 support. BTC to USD could correct higher, but it is likely to face sellers near $11,600 and $11,800.

  • There was a strong decline in bitcoin price below the $12,000 and $11,500 support levels.
  • BTC/USD is likely to face resistance near $11,600 and a bearish trend line on the 30-minute chart.
  • The price traded as low as $11,161 and it is currently correcting higher.

Bitcoin Price

Bitcoin Price Analysis (BTC to USD)

This week, bitcoin price climbed to a new monthly high above the $13,000 level. BTC/USD traded as high as $13,174 and recently started a strong decline below the $12,400 and $12,000 support levels.

Bitcoin Price Analysis (BTC to USD)

Click to Enlarge Chart

Looking at the 30-minute chart of BTC/USD, the pair trimmed most of its recent gains plus settled below the $12,000 pivot level and the 25 simple moving average (30-minute).

To start the decline, the price broke a crucial bullish trend line with support near $12,600 on the same chart. Moreover, there was a close below the $11,600 support area and the price traded to a new intraday low at $11,161.

BTC is currently correcting higher above $11,400 and the 23.6% Fib retracement level of the recent drop from the $12,202 high to $11,161 low. On the upside, there is a strong resistance forming near the $11,550 and $11,600 levels.

The bulls are likely to struggle near $11,600 and a bearish trend line on the same chart. Besides, the 50% Fib retracement level of the recent drop from the $12,202 high to $11,161 low is likely to prevent gains above the $11,680 level.

To start a fresh increase, bitcoin price needs to climb above $11,800 and the 25 simple moving average (30-minute). If there is no recovery above $11,600 or $11,800, the price is likely to decline again.

On the downside, an initial support is near the $11,200 and $11,110 levels. If there is a downside break below the $11,110 support, the price may perhaps test the $10,750 support area in the near term.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto
eToro Risk Warning: 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *