TA: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $11.5K

2020-10-15 06:48

Bitcoin price is consolidating in a range below the $11,500 resistance against the US Dollar. BTC could start a substantial decline if it breaks the $11,230 support zone.

Bitcoin is struggling to gain traction above the $11,500 and $11,520 resistance levels. The price is currently trading below $10,400 support and the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $11,480 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a strong downside correction if it breaks the $11,230 and $11,200 support levels. Bitcoin Price Consolidating Gains

In the past three sessions, there were mostly range moves in bitcoin price below the $11,560 and $11,500 resistance levels. It seems like BTC made two attempts to surpass the $11,560 level, but it failed to gain bullish momentum.

The last swing high was near $11,560 before the price declined below $11,400. It traded as low as $11,302 and it is currently correcting higher. There was a break above the $11,350 level, plus the 23.6% Fib retracement level of the recent decline from the $11,560 high to $11,302 low.

However, bitcoin is still trading below $10,400 support and the 100 hourly simple moving average. An immediate resistance is near the $11,430 level since it is close to the 50% Fib retracement level of the recent decline from the $11,560 high to $11,302 low.

Source: BTCUSD on TradingView.com

There is also a short-term contracting triangle forming with resistance near $11,480 on the hourly chart of the BTC/USD pair. To start a strong increase, bitcoin price needs to gain momentum above the $11,500 and $11,560 resistance levels. The next stop could be near $11,700, above which there are chances of a push towards the $12,000 level.

Downside Break in BTC?

If bitcoin fails to surpass the $11,500 and $11,560 resistance levels, there is a risk of a bearish break. The triangle support is near the $11,320 level.

The main support is near the $11,230 and $11,200 levels, below which the bears are likely to aim a larger downside correction. The next immediate support could be $11,000, below which the price might slide towards $10,500.

Technical indicators:

Hourly MACD – The MACD is about to move into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just below the 50 level, with a flat bias.

Major Support Levels – $11,320, followed by $11,230.

Major Resistance Levels – $11,480, $11,500 and $11,560.

origin »

Bitcoin (BTC) на Currencies.ru

$ 94365.41 (-0.52%)
Объем 24H $53.221b
Изменеия 24h: 2.16 %, 7d: -4.35 %
Cегодня L: $91951.2 - H: $95752.95
Капитализация $1868.796b Rank 1
Цена в час новости $ 11392.19 (728.33%)

bitcoin below resistance 500 230 support breaks

Источник: newsbtc.com

bitcoin below → Результатов: 126


Фото:

Bitcoin falls below $57k as $13 billion in leveraged shorts placed on major exchanges

Since February, Bitcoin has fallen to its lowest price, breaking below $60,000 and hitting $56,900 as of press time. The price is now 23% below its recent pre-halving all-time high of $73,000. Data from Coinglass shows that Binance, the most liquid exchange for Bitcoin trading, has several buy walls in the order book down to […] The post Bitcoin falls below $57k as $13 billion in leveraged shorts placed on major exchanges appeared first on CryptoSlate.

2024-5-1 11:42


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Price Under Pressure: Could The Slide Continue?

Bitcoin price extended losses and traded below the $100,000 zone. BTC is showing bearish signs and might continue to move down toward the $91,200 support zone. Bitcoin started a fresh decline from the $100,000 resistance zone.

Bitcoin Decline Continues: Are Bulls Losing Control?

Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone. Bitcoin started a fresh decline from the $102,000 resistance zone.

Bitcoin Price Struggles at $100K: Is The Rally Losing Steam?

Bitcoin price struggled to clear the $102,000 resistance zone. BTC is correcting gains and might test the $97,500 support zone. Bitcoin started a downside correction from the $102,000 zone. The price is trading above $98,000 and the 100 hourly Simple moving average.