Bitcoin Could Avoid a Major Reversal if it Stays Above One Key Support

2020-8-23 08:24

Bitcoin is declining and trading well below the $12,000 pivot level against the US Dollar. BTC must stay above the $11,100 support zone to start a fresh increase in the near term.

Bitcoin is struggling to recover and it is trading well below $12,000 and $11,800. The price is currently holding a couple of strong supports above $11,350 and $11,100. There was a break above a connecting bearish trend line with resistance near $11,610 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is struggling to recover above $11,700 and it is trading well below the 100 simple moving average (4-hours). Bitcoin is Facing Hurdles

This past week, bitcoin, Ethereum and ripple started a major downside correction against the US Dollar. BTC settled below the key $12,000 pivot level to move into a short-term bearish zone.

The decline gained pace once the price broke the $11,800 support and settled below the 100 simple moving average (4-hours). It even spiked below the $11,500 support level and tested the $11,350 support region.

A low is formed near $11,347 and the price is currently attempting a fresh increase. There was a break above the $11,500 level. The price even climbed above the 23.6% Fib retracement level of the downward move from the $12,249 high to $11,347 low.

Bitcoin price breaks $11,500. Source: TradingView.com

Moreover, there was a break above a connecting bearish trend line with resistance near $11,610 on the 4-hours chart of the BTC/USD pair. It seems like bitcoin is facing a strong resistance near $11,700 and $11,800.

The 100 simple moving average (4-hours) is also near the $11,800 level to act as a resistance. The main resistance is now forming near $11,920, $12,000, and the 50% Fib retracement level of the downward move from the $12,249 high to $11,347 low.

A successful break above the $11,800 and $12,000 resistance levels is must to start a fresh increase in the coming days. The next key resistance is near $12,250.

Major Uptrend Support for BTC

If bitcoin struggles to stay move above the $11,800 and $12,000 resistance levels, there is a risk of more losses. The first key support is near the $11,350 level.

The main uptrend support is near the $11,100 and $11,000 levels, below which the bears are likely to aim a larger decline in the near term.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still well below the 50 level.

Major Support Level – $11,350

Major Resistance Level – $12,000

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Источник: newsbtc.com

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