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Bitcoin

Technicals Suggest Bitcoin Could Dive Further Below $11,000

Aayush Jindal by Aayush Jindal
3 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read

Bitcoin price failed to hold gains above the $11,550 support zone against the US Dollar. BTC is currently declining and it seems like the bears are aiming a downside break below $11,000.

  • Bitcoin is now trading well below the $11,650 and $11,550 support levels.
  • The price revisited the $11,100 level and settled well below the 100 hourly simple moving average.
  • 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 pair must break the $11,400 and $11,500 resistance levels to move into a positive zone.

Bitcoin Price Gains Bearish Momentum

Bitcoin price struggled to continue higher above the $11,800 and $12,000 levels against the US Dollar. As a result, BTC declined sharply and broke the $11,650 support zone.

The gained pace below the $11,550 support level and the 100 hourly simple moving average. It even broke the $11,200 support and traded to a new weekly low at $11,122. It is currently correcting higher and trading above the $11,250 level.

There was a break above the 23.6% Fib retracement level of the recent decline from the $11,789 high to $11,122 low. However, the price is now facing hurdles near the $11,400 level.

Bitcoin

Bitcoin price trades below $11,500. Source: TradingView.com

There is also a key bearish trend line forming with resistance near $11,400 on the hourly chart of the BTC/USD pair. Above the trend line, the price is likely to face a strong resistance near the $11,500 and $11,550 levels.

An intermediate hurdle could be near the 50% Fib retracement level of the recent decline from the $11,789 high to $11,122 low. An upside break above the trend line resistance and then $11,550 is must for the bulls to regain control in the near term.

More Losses in BTC?

If bitcoin fails to recover above the $11,400 and $11,550 levels, there is a risk of more losses. The first key support is near the $11,100 level.

The main support is now forming near the $11,000 handle, below which there is a risk of a sharp decline. In the stated case, the price might continue to move down towards the $10,500 level.

Technical indicators:

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

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

Major Support Levels – $11,100, followed by $11,000.

Major Resistance Levels – $11,400, $11,500 and $11,550.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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