{"id":436280,"date":"2020-08-26T04:08:54","date_gmt":"2020-08-26T04:08:54","guid":{"rendered":"https:\/\/ktsl888.com\/?p=436280"},"modified":"2024-06-11T14:15:36","modified_gmt":"2024-06-11T14:15:36","slug":"technicals-suggest-bitcoin-could-dive-further-below-11000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/technicals-suggest-bitcoin-could-dive-further-below-11000\/","title":{"rendered":"Technicals Suggest Bitcoin Could Dive Further Below $11,000"},"content":{"rendered":"<p><em>Bitcoin price failed to hold gains above the $11,550 support zone against the US Dollar. BTC is currently declining and it seems like the bears are aiming a downside break below $11,000.<\/em><\/p>\n<ul>\n<li>Bitcoin is now trading well below the $11,650 and $11,550 support levels.<\/li>\n<li>The price revisited the $11,100 level and settled well below the 100 hourly simple moving average.<\/li>\n<li>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).<\/li>\n<li>The pair must break the $11,400 and $11,500 resistance levels to move into a positive zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Gains Bearish Momentum<\/h2>\n<p>Bitcoin price struggled to continue higher above the $11,800 and $12,000 levels against the US Dollar. As a result, BTC declined sharply and broke the <a href=\"https:\/\/ktsl888.com\/2020\/08\/25\/bitcoin-trading-near-inflection-point\/\" target=\"_blank\" rel=\"noopener \">$11,650 support zone<\/a>.<\/p>\n<p>The gained pace below the $11,550 support level and the 100 hourly simple moving average. It even broke the $11,200 support and traded to a new weekly low at $11,122. It is currently correcting higher and trading above the $11,250 level.<\/p>\n<p>There was a break above the 23.6% Fib retracement level of the recent decline from the $11,789 high to $11,122 low. However, the price is now facing hurdles near the $11,400 level.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-18.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-436281\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-18.png?resize=1828%2C868\" alt=\"Bitcoin\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-18.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-18.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-18.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-18.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-18.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-18.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/08\/Bitcoin-18.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Bitcoin price trades below $11,500. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>There is also a key bearish trend line forming with resistance near $11,400 on the hourly chart of the BTC\/USD pair. Above the trend line, the price is likely to face a strong resistance near the $11,500 and $11,550 levels.<\/p>\n<p>An intermediate hurdle could be near the 50% Fib retracement level of the recent decline from the $11,789 high to $11,122 low. An <a href=\"https:\/\/ktsl888.com\/2020\/08\/24\/bitcoin-hesitates-100-sma-could-trigger-rise\/\" target=\"_blank\" rel=\"noopener \">upside break<\/a> above the trend line resistance and then $11,550 is must for the bulls to regain control in the near term.<\/p>\n<h2>More Losses in BTC?<\/h2>\n<p>If bitcoin fails to recover above the $11,400 and $11,550 levels, there is a risk of more losses. The first key support is near the $11,100 level.<\/p>\n<p>The main support is now forming near the $11,000 handle, below which there is a risk of a sharp decline. In the stated case, the price might continue to move down towards the $10,500 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well below the 50 level, with bearish signs.<\/p>\n<p>Major Support Levels \u2013 $11,100, followed by $11,000.<\/p>\n<p>Major Resistance Levels \u2013 $11,400, $11,500 and $11,550.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to hold gains above the $11,550 support zone against the US Dollar. BTC is currently declining and it seems like the bears are aiming a downside break below $11,000. Bitcoin is now trading well below the $11,650 and $11,550 support levels. The price revisited the $11,100 level and settled well below the 100 hourly simple moving average. 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 pair must break the $11,400 and $11,500 resistance levels to move into a positive zone. Bitcoin Price Gains Bearish Momentum Bitcoin price struggled to continue higher above the $11,800 and $12,000 levels against the US Dollar. As a result, BTC declined sharply and broke the $11,650 support zone. The gained pace below the $11,550 support level and the 100 hourly simple moving average. It even broke the $11,200 support and traded to a new weekly low at $11,122. It is currently correcting higher and trading above the $11,250 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $11,789 high to $11,122 low. However, the price is now facing hurdles near the $11,400 level. Bitcoin price trades below $11,500. Source: TradingView.com There is also a key bearish trend line forming with resistance near $11,400 on the hourly chart of the BTC\/USD pair. Above the trend line, the price is likely to face a strong resistance near the $11,500 and $11,550 levels. An intermediate hurdle could be near the 50% Fib retracement level of the recent decline from the $11,789 high to $11,122 low. An upside break above the trend line resistance and then $11,550 is must for the bulls to regain control in the near term. More Losses in BTC? If bitcoin fails to recover above the $11,400 and $11,550 levels, there is a risk of more losses. The first key support is near the $11,100 level. The main support is now forming near the $11,000 handle, below which there is a risk of a sharp decline. In the stated case, the price might continue to move down towards the $10,500 level. Technical indicators: Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still well below the 50 level, with bearish signs. Major Support Levels \u2013 $11,100, followed by $11,000. Major Resistance Levels \u2013 $11,400, $11,500 and $11,550.<\/p>\n","protected":false},"author":67,"featured_media":436282,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-436280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Technicals Suggest Bitcoin Could Dive Further Below $11,000<\/title>\n<meta name=\"description\" content=\"Bitcoin price failed to hold gains above the $11,550 support. 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