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Bitcoin Price (BTC) Testing Crucial Support: Can The Bulls Stage Recovery?

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Bitcoin Price (BTC) Testing Crucial Support: Can The Bulls Stage Recovery?

Bitcoin price declined sharply below the $12,000 support area against the US Dollar.The price traded close to the $11,000 support and it is currently consolidating losses.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 price could either recover above $11,400 or it might extend losses below the $11,000 support.Bitcoin price reached the key $11,000 support area against the US Dollar. BTC is currently consolidating and seems to be preparing for the next move either above $11,400 or towards $10,800.Bitcoin Price AnalysisYesterday, we saw a sharp decline in bitcoin price below the $12,000 support against the US Dollar. The BTC/USD pair even settled below the $12,000 support area and the 100 hourly simple moving average. Moreover, there was a break below the $11,800 support and the $11,500 pivot level. The price traded close to the $11,000 support and formed a new weekly low at $10,958. Similarly, there were heavy losses in Looking at the chart, bitcoin price seems to be preparing for the next move either above the $11,400 level or below the $11,000 support. As long as the price is trading above the key $10,800 support, there are chances of an upside correction above $11,500.Technical indicators:Hourly MACD – The MACD is slowly moving back in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering and it could test the 45 level.Major Support Levels – $11,000 followed by $10,800.Major Resistance Levels – $11,400, $11,500 and $11,800.

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Author: Aayush Jindal

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