• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Bitcoin Price (BTC) Testing Crucial Support: Can The Bulls Stage Recovery?

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin
Advertisement
Listen to Article
  • Bitcoin price declined sharply below the $12,000 support area against the US Dollar.
  • The price traded close to the $11,000 support and it is currently consolidating losses.
  • There is a key bearish trend line forming with resistance near $11,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could either recover above $11,400 or it might extend losses below the $11,000 support.

Bitcoin price reached the key $11,000 support area against the US Dollar. BTC is currently consolidating and seems to be preparing for the next move either above $11,400 or towards $10,800.

Bitcoin Price Analysis

Yesterday, we saw a sharp decline in bitcoin price below the $12,000 support against the US Dollar. The BTC/USD pair even settled below the $12,000 support area and the 100 hourly simple moving average. Moreover, there was a break below the $11,800 support and the $11,500 pivot level. The price traded close to the $11,000 support and formed a new weekly low at $10,958. Similarly, there were heavy losses in Ethereum, BCH and ripple.

Recently, there was an upside correction above the $11,200 level. Moreover, the price broke the 50% Fib retracement level of the recent decline from the $11,829 high to $10,958 low. However, the upward move was capped by the $11,500 resistance level. The 61.8% Fib retracement level of the recent decline from the $11,829 high to $10,958 low also acted as a resistance.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

At the outset, the price is consolidating losses above the $11,000 support level. On the upside, there is a key bearish trend line forming with resistance near $11,400 on the hourly chart of the BTC/USD pair. If there is an upside break above $11,400 and $11,500, bitcoin price could recover towards the $11,650 and $11,700 levels. However, the main resistance for the bulls is near the $11,800 level (the previous support).

Conversely, there could be more losses if there is no break above $11,400 and $11,500. The main supports on the downside are near $11,000 and $10,800. If there is a downside break below $10,800, the price may accelerate decline towards the $10,000 level.

Bitcoin Price Analysis BTC Charr

Looking at the chart, bitcoin price seems to be preparing for the next move either above the $11,400 level or below the $11,000 support. As long as the price is trading above the key $10,800 support, there are chances of an upside correction above $11,500.

Technical indicators:

Hourly MACD – The MACD is slowly moving back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering and it could test the 45 level.

Major Support Levels – $11,000 followed by $10,800.

Major Resistance Levels – $11,400, $11,500 and $11,800.

Tags: bitcoinbtc
TweetShare49
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Ethereum

TA: Ethereum Trims Gains, Why ETH Could Find Strong Support Near $1,275

1 hour ago
Bitcoin

TA: Why Bitcoin Price Remains At Risk for a Fresh Drop to $30K

3 hours ago
chainlink massive bearish divergence altcoin crypto

Massive Bearish Divergence Hints At First Major Chainlink Corrective Phase

6 hours ago
Ethereum

Analyst: Ethereum Likely to Tag $2,000 in Near-Term as Rally Turns Parabolic

10 hours ago
ethereum bitcoin

Ethereum Beats Bitcoin Performance Two Years Straight, What’s Next?

11 hours ago
Bitcoin Could be Coiling Up for a Massive Push Higher as Bulls Take Control

Bitcoin Could be Coiling Up for a Massive Push Higher as Bulls Take Control

15 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Mercuryo, Binance’s Fiat Processor Partner, Announces Major Move to North American Market

January 26, 2021

There’s a New Bitcoin Wallet on the Line – Cryonik.io

January 25, 2021

Join PEAKDEFI – a Safer Way to Grow your Wealth

January 25, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.