{"id":392728,"date":"2019-08-10T04:08:31","date_gmt":"2019-08-10T04:08:31","guid":{"rendered":"https:\/\/ktsl888.com\/?p=392728"},"modified":"2024-06-11T12:49:37","modified_gmt":"2024-06-11T12:49:37","slug":"bitcoin-btc-price-approaching-crucial-break","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-price-approaching-crucial-break\/","title":{"rendered":"Bitcoin (BTC) Price Approaching Next Crucial Break: $11,500 Holds Key"},"content":{"rendered":"<ul>\n<li>Bitcoin price is still struggling to gain bullish momentum above the $12,000 resistance against the US Dollar.<\/li>\n<li>The price is likely setting up for the next break either above $12,000 or towards $11,500.<\/li>\n<li>There is a new contracting triangle forming with resistance near $11,920 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price is likely to accelerate higher once it clears the key $12,000 resistance level.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading in a crucial range below $12,000 against the US Dollar. BTC price could either rally above $12,000 or it might decline heavily below $11,500.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>Recently, we saw a few <a href=\"https:\/\/ktsl888.com\/2019\/08\/09\/bitcoin-price-btc-in-uptrend-can-bulls-clear-12k\/\" target=\"_blank\" rel=\"noopener noreferrer \">bullish moves<\/a> above the $11,500 support in bitcoin price against the US Dollar. The BTC\/USD pair even settled above the $11,600 level and the 100 hourly simple moving average. However, the price faced a strong resistance near the $12,000 level. Moreover, there were many attempts by the bulls to overcome the $12,000 hurdle, but they failed.<\/p>\n<p>At the moment, the price is trading in a range above the $11,500 support. The last swing low was formed near the $11,657 before the price climbed above the 50% Fib retracement level of the recent decline from the $12,061 high to $11,657 low. However, the upward move remains capped near the $12,000 resistance. The price failed near the 76.4% Fib retracement level of the recent decline from the $12,061 high to $11,657 low.<\/p>\n<p>More importantly, there is a new contracting triangle forming with resistance near $11,920 on the hourly chart of the BTC\/USD pair. Therefore, the pair seems to be setting up for the next move either above $12,000 or below $11,700 in the near term. On the upside, the <a href=\"https:\/\/ktsl888.com\/2019\/08\/08\/bitcoin-price-btc-usd-targets-fresh-weekly-high-above-12-2k\/\" target=\"_blank\" rel=\"noopener noreferrer \">price is likely to accelerate higher<\/a> once it clears the key $12,000 resistance level.<\/p>\n<p>The next key resistance is near the $12,200 level, above which the price could surge above the $12,350 level. On the other hand, there is a strong support forming near the $11,700 and $11,500 levels. If the price continues to struggle near the $12,000 level, there could be a major bearish reaction. A daily close below the $11,500 support might spark a sharp slide.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/Bitcoin-8.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-392729\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/Bitcoin-8.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC CHart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/Bitcoin-8.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/Bitcoin-8.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/Bitcoin-8.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/Bitcoin-8.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/Bitcoin-8.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/Bitcoin-8.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/Bitcoin-8.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is clearly struggling to gain bullish momentum above the $12,000 resistance. The next major break depends on the $12,000 resistance. The chances of a downside break are increasing, considering the number of failures near $12,000.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving into the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $11,700 followed by $11,500.<\/p>\n<p>Major Resistance Levels \u2013 $12,000, $12,100 and $12,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is still struggling to gain bullish momentum above the $12,000 resistance against the US Dollar. The price is likely setting up for the next break either above $12,000 or towards $11,500. There is a new contracting triangle forming with resistance near $11,920 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price is likely to accelerate higher once it clears the key $12,000 resistance level. Bitcoin price is trading in a crucial range below $12,000 against the US Dollar. BTC price could either rally above $12,000 or it might decline heavily below $11,500. Bitcoin Price Analysis Recently, we saw a few bullish moves above the $11,500 support in bitcoin price against the US Dollar. The BTC\/USD pair even settled above the $11,600 level and the 100 hourly simple moving average. However, the price faced a strong resistance near the $12,000 level. Moreover, there were many attempts by the bulls to overcome the $12,000 hurdle, but they failed. At the moment, the price is trading in a range above the $11,500 support. The last swing low was formed near the $11,657 before the price climbed above the 50% Fib retracement level of the recent decline from the $12,061 high to $11,657 low. However, the upward move remains capped near the $12,000 resistance. The price failed near the 76.4% Fib retracement level of the recent decline from the $12,061 high to $11,657 low. More importantly, there is a new contracting triangle forming with resistance near $11,920 on the hourly chart of the BTC\/USD pair. Therefore, the pair seems to be setting up for the next move either above $12,000 or below $11,700 in the near term. On the upside, the price is likely to accelerate higher once it clears the key $12,000 resistance level. The next key resistance is near the $12,200 level, above which the price could surge above the $12,350 level. On the other hand, there is a strong support forming near the $11,700 and $11,500 levels. If the price continues to struggle near the $12,000 level, there could be a major bearish reaction. A daily close below the $11,500 support might spark a sharp slide. Looking at the chart, bitcoin price is clearly struggling to gain bullish momentum above the $12,000 resistance. The next major break depends on the $12,000 resistance. The chances of a downside break are increasing, considering the number of failures near $12,000. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving into the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just below the 50 level. Major Support Levels \u2013 $11,700 followed by $11,500. Major Resistance Levels \u2013 $12,000, $12,100 and $12,200.<\/p>\n","protected":false},"author":67,"featured_media":344596,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-392728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Approaching Next Crucial Break: $11,500 Holds Key<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading in a crucial range below $12,000 against the US Dollar. 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