Bitcoin Trading Near Inflection Point: Here’s Why $11,650 Holds The Key

Aayush Jindal

Last Updated: June 11, 2024 7:14 am

2 mins read

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Bitcoin price started an upside correction from the $11,350 support against the US Dollar. BTC is currently declining, but it could bounce back as long as it is above $11,650 or $11,550.

Bitcoin formed a high near $11,825 and it is currently correcting lower.
The price is testing a key support near $11,650 and the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $11,710 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above the $11,650 and $11,550 support levels to climb higher towards $12,000.

Bitcoin Price Testing Crucial Support

Yesterday, we saw a decent upside correction in bitcoin price above the $11,650 resistance against the US Dollar. BTC even surpassed the $11,700 level and settled above the 100 hourly simple moving average.

The price struggled to gain momentum above the $11,800 level and a high is formed near $11,825. Bitcoin is currently correcting lower and trading below $11,750. There was a break below the 23.6% Fib retracement level of the recent recovery wave from the $11,349 low to $11,825 high.

Moreover, there was a break below a major bullish trend line with support near $11,710 on the hourly chart of the BTC/USD pair. The pair is now testing a key support near $11,650 and the 100 hourly simple moving average.

Bitcoin price trades below $11,800. Source: TradingView.com

The previous resistance near $11,650 is likely to act as a strong support. The next major support is near the $11,550 level. It is also close to the 50% Fib retracement level of the recent recovery wave from the $11,349 low to $11,825 high.

Any further losses could push the price back into a bearish zone below $11,550. In the mentioned case, it could revisit the $11,350 support in the near term.

Fresh Increase in BTC?

If bitcoin stays above the $11,650 support and the 100 hourly SMA, it could bounce back and climb higher. An initial resistance on the upside is near $11,800.

The first major resistance is near the $11,850 level, above which the bulls are likely to aim a test of the $12,000 barrier in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level, with a bearish angle.

Major Support Levels – $11,650, followed by $11,550.

Major Resistance Levels – $11,850, $12,000 and $12,200.

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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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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