Bitcoin (BTC) Price At Risk Of More Downsides Below $11,200

Aayush Jindal

Last Updated: June 11, 2024 1:24 pm

2 mins read

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Bitcoin price is currently under pressure below the $11,600 resistance against the US Dollar.
The price could slide sharply if there is a break below the $11,200 support area.
There is a major bearish trend line forming with resistance near $11,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price might correct higher, but upsides are likely to be capped near $11,600 and $11,700.

Bitcoin price is trading in a bearish zone below $11,800 against the US Dollar. BTC price remains at a risk of more losses below the $11,200 support level in the near term.

Bitcoin Price Analysis

This past week, bitcoin price topped near the $12,325 level against the US Dollar. The BTC/USD pair started a strong downside correction and traded below the $11,500 support. There was a close below the $11,800 pivot level and the 100 hourly simple moving average. Finally, the price tested the $11,200 support area and a swing low was formed at $11,096.

At the moment, the price is currently losses above the $11,400 level. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $11,975 high to $11,096 low. However, the upward move is facing hurdles near the $11,500 and $11,550 levels. Additionally, the 50% Fib retracement level of the downward move from the $11,975 high to $11,096 low is acting as a resistance.

On the upside, there are a few important hurdles forming near $11,600 and $11,700. More importantly, there is a major bearish trend line forming with resistance near $11,700 on the hourly chart of the BTC/USD pair. Below the trend line, the 100 hourly SMA is near the 61.8% Fib retracement level of the downward move from the $11,975 high to $11,096 low.

Therefore, the price is likely to face a strong selling interest near between the $11,600 and $11,700 levels. The main resistance is near the $11,800 level, above which the price could turn positive in the near term. On the downside, an immediate support is near the $11,300 level. However, the main support is near the $11,200 level, below which the price might slide sharply below $11,000. In the mentioned case, BTC price might test the $10,500 level (as discussed in the weekly forecast).

Looking at the chart, bitcoin price is trading in a bearish zone below the $11,600 and $11,700 resistance levels. Therefore, there is a risk of more downsides below the $11,200 and $11,000 supports.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently sliding towards the 40 level.

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

Major Resistance Levels – $11,550, $11,600 and $11,700.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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