Bitcoin price declined more than 12% in the past few hours and broke the $11,500 support. BTC to USD could correct higher, but it is likely to face sellers near $11,600 and $11,800.
- There was a strong decline in bitcoin price below the $12,000 and $11,500 support levels.
- BTC/USD is likely to face resistance near $11,600 and a bearish trend line on the 30-minute chart.
- The price traded as low as $11,161 and it is currently correcting higher.
Bitcoin Price Analysis (BTC to USD)
This week, bitcoin price climbed to a new monthly high above the $13,000 level. BTC/USD traded as high as $13,174 and recently started a strong decline below the $12,400 and $12,000 support levels.
Click to Enlarge Chart
Looking at the 30-minute chart of BTC/USD, the pair trimmed most of its recent gains plus settled below the $12,000 pivot level and the 25 simple moving average (30-minute).
To start the decline, the price broke a crucial bullish trend line with support near $12,600 on the same chart. Moreover, there was a close below the $11,600 support area and the price traded to a new intraday low at $11,161.
BTC is currently correcting higher above $11,400 and the 23.6% Fib retracement level of the recent drop from the $12,202 high to $11,161 low. On the upside, there is a strong resistance forming near the $11,550 and $11,600 levels.
The bulls are likely to struggle near $11,600 and a bearish trend line on the same chart. Besides, the 50% Fib retracement level of the recent drop from the $12,202 high to $11,161 low is likely to prevent gains above the $11,680 level.
To start a fresh increase, bitcoin price needs to climb above $11,800 and the 25 simple moving average (30-minute). If there is no recovery above $11,600 or $11,800, the price is likely to decline again.
On the downside, an initial support is near the $11,200 and $11,110 levels. If there is a downside break below the $11,110 support, the price may perhaps test the $10,750 support area in the near term.
The market data is provided by TradingView, Bitfinex.
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