Bitcoin (BTC) Price Correction Presents Another Buying Opportunity

• After a strong rejection near $12,000, bitcoin price started a fresh decline against the US Dollar.
• A swing high was formed near $12,053 and recently declined below $11,800 and $11,400.
• There was a break below a major bullish trend line with support near $11,840 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair tested the $10,800 support level and it remains well supported for more gains.

Bitcoin price started a fresh decline below the $11,800 support against the US Dollar. BTC is currently holding a few key supports and it could rise again above $11,800.

Bitcoin Price Analysis

Recently, there was a decent upward move in bitcoin price above $11,200 and $11,800 against the US Dollar. The BTC/USD pair even climbed above the $12,000 resistance and the 100 hourly simple moving average. However, the price struggled to remain above the $12,000 level and formed a swing high at $12,053. As a result, there was a downside correction below the $11,800 and $11,600 support levels.

There was a break below the 23.6% Fib retracement level of the last upward move from the $9,677 low to $12,053 high. Additionally, there was a break below a major bullish trend line with support near $11,840 on the hourly chart of the BTC/USD pair. Moreover, the pair spiked below the $11,000 support and the 100 hourly simple moving average. However, the $10,800 level acted as a strong support base.

Besides, the 50% Fib retracement level of the last upward move from the $9,677 low to $12,053 high prevented more losses. The price is currently trading above the $11,000 level and the 100 hourly simple moving average. It seems like the current price action, there are chances of a fresh increase above the $11,400 and $11,500 resistance levels.

On the upside, the main resistances are near the $11,800 and $12,000 levels. A break above the $12,053 swing high, the price could continue to rise towards the $12,250 and $12,400 levels. On the downside, a close below the $10,800 support level might negate the current bullish view. The next main support is near $10,580 level or the 61.8% Fib retracement level of the last upward move from the $9,677 low to $12,053 high.

Looking at the , bitcoin price is holding a few important supports near the $10,800 and $11,000 levels. In the short term, there could be a few range moves before the price either climbs above $11,500 or revisits $10,800 and $10,580. Technical indicators: Hourly MACD – The MACD is slowly reducing its recent bearish slope. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 40 level, with a few positive signs. Major Support Levels – $11,000 followed by $10,800. Major Resistance Levels – $11,500, $11,800 and $12,000.