- The price of Bitcoin has tested the support level of $ 11,000 and has recently risen against the US dollar.
- The price rebounded to close to $ 11,900, but the increase remained below $ 12,000. In the hourly chart of the pair, there is a rising channel that supports around $ 11,550 (data flow from Kraken).
- According to experts, if a break below $ 11,500 and less than $ 11,400 in the near term may lead to a strong decline in price.
against $ 12,000 against many obstacles. According to experts, BTC remains vulnerable as long as it does not approach the $ 12,000 pivot level. The BTC / USD parity fell to the $ 11,000 support level and slipped below the 100-hour simple moving average. A low swing occurred near the $ 10,990 level, and a reversal has recently been made. An increase above $ 11,500 was seen. What's more, the price has even lowered $ 11,800 and traded close to $ 11,900. However, the reversal fell below the $ 12,000 level.
The price failed to test the 50% Fib retracement level of the big drop from $ 13,195 to $ 10,990. In addition, the price remained below the 100-hour SMA and $ 12,000. It is currently trading below the $ 11,800 level. There is a rising channel on the hourly chart of the BTC / USD parity, supporting around $ 11,550. The pair is currently trading near the channel support, and according to experts, the price can test the price below $ 11,500.
Bitcoin price analysis with technical indicators
If there is more damage, the price may exceed $ 11,400 and extend the losses, according to experts. The real support is close to $ 11,000, where the last line of defense is below $ 10,880. Increasingly, according to experts, there are many obstacles at $ 11,800 and $ 12,000. According to experts, to begin a new increase, the price of $ 12,000 resistance and 100-hour SMA must be above.
The next resistance may be around $ 12,250, and 61.8% of the big fall Fib's retreat level could drop from $ 13,195 to $ 10,990. Looking at the chart, the Bitcoin price is struggling to continue above $ 11,800 and above $ 11,900. Therefore, according to experts, there is a disadvantageous risk of breaking below $ 11,500 and $ 11,400 in the near term:
- Hourly MACD: MACD for BTC / USD parity, decline
- Hourly RSI (Relative Strength Index): for BTC / USD parity
The RSI is currently dropping and below the level of 50.
- Major Support Levels: $ 11,500, then $ 11,400
- Main Resistance Levels: $ 11,800, $ 12,000 and
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