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Home Cryptocurrency news Bitcoin

Bitcoin Slips Below $11,400 Momentarily, Have Bulls Lost Critical Support?

Tony Spilotro by Tony Spilotro
6 months ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 3min read
bitcoin crypto btcusd
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Bitcoin price earlier today broke below $11,500 and within hours slid below $11,400 momentarily. Currently, the leading cryptocurrency by market cap is trying to find support at the critical level. But why is this level so important for bulls to maintain? And if this level is lost, where may targets lie below?

Bitcoin Falls Below Critical Weekly Support at $14,000 But Can Bulls Hold Their Ground?

Bitcoin’s uptrend is now in jeopardy. After the cryptocurrency experienced one of its hottest summers on record, things are potentially ready to cool off for the fall months.

Indicators show that although a long-term uptrend is building on high timeframes, on smaller-timeframes, the short-term downtrend may be ending. The question then is, will this be a short-lived correction swiftly bought up by bulls, or could this be another turn for the worse?

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The last major rejection in Bitcoin was at $14,000. A fall from $12,400 would technically be a lower high – a key characteristic of a downtrend.

Black Thursday stopping short of setting a lower low is Bitcoin’s best saving grace from another fall into a bear market, but things may not be as bullish as market sentiment lets on.

Related Reading | Bitcoin Crossroads: Indicator Signals Short-Term Top, But Final Bullish Impulse Is Possible

However, bulls must first lose support at $11,400. The important resistance level dates as far back as November 2017, and was the last level to be breached before the cryptocurrency set its record at $20,000.

After the last week of January 2018, Bitcoin never again closed a weekly candle above the level, proving to be too powerful of resistance – until recently. Just weeks ago, the cryptocurrency broke above the key level and closed multiple weekly candles above.

But now it may be time to come back down to retest various former resistance levels as support, starting with $11,400 – currently in progress.

bitcoin btcusd btcusdt crypto weekly

BTCUSD Weekly Support Test In Progress | Source: TradingView

Cryptocurrency Drops To Critical Levels On Key Chart Timeframes, Head And Shoulders Possible

The retest of weekly support, if lost, could send Bitcoin down to retest both diagonal downtrend resistance turned support and horizontal support at $10,250. This confluence of support could be an ideal location to buy the dip if current weekly support fails.

bitcoin btusd 12 hour ichimoku

BTCUSD 12-Hour Ichimoku | Source: TradingView

Coinciding with weekly support, on the BTCUSD 12-hour chart, the cryptocurrency is also attempting to find support on the top of the Ichimoku cloud. However, removing the technical analysis indicator, also shows a potential head and shoulders pattern nearing completion.

bitcoin btcusd head and shoulders

BTCUSD Daily Head And Shoulders | Source: TradingView

A head and shoulders formation is typically a reversal pattern that appears at the top of a rally, just as things turn around. The chart pattern completing, has a target that would line up well with a retest of former downtrend resistance to confirm it as support.

If Bitcoin can hold there, any further downside will be unlikely, and it could be the last correction before the bull market begins.

Tags: altcoinbitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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