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Bitcoin Price (BTC) Tumbles $2,000 In Few Hours: $10,800 Holds Key

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Bitcoin Price (BTC) Tumbles $2,000 In Few Hours: $10,800 Holds Key

Bitcoin price started a significant decline from the $13,200 swing high against the US Dollar.The price is down more than $2,000 and it even broke the $11,800 support area.There was a break below a major bullish trend line with support near $12,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).The next important supports on the downside are near $11,000 and $10,800.Bitcoin price nosedived by more than $2,000 from well above $13,000 against the US Dollar. BTC is now approaching the next important support near the $10,800 level.Bitcoin Price AnalysisYesterday, bitcoin price made a few attempts to settle above $13,000 against the US Dollar. However, the BTC/USD pair failed to gain momentum and recently started a sharp decline below $12,800 and $12,500. The recent decline was nasty, dragging Looking at the chart, bitcoin price clearly trimmed most its recent gains and settled below $12,000. It could find bids near the $11,000 or $10,800 level and it may start consolidating losses. Besides, there could be a short term upside correction towards $11,800 or even $12,000.Technical indicators:Hourly MACD – The MACD is currently gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 40 level, with a bearish angle.Major Support Levels – $11,000 followed by $10,800.Major Resistance Levels – $11,500, $11,800 and $12,000.

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Author: Aayush Jindal

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