{"id":437159,"date":"2020-09-03T04:18:01","date_gmt":"2020-09-03T04:18:01","guid":{"rendered":"https:\/\/ktsl888.com\/?p=437159"},"modified":"2024-06-11T14:15:54","modified_gmt":"2024-06-11T14:15:54","slug":"bitcoin-is-plunging-11200-key","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-is-plunging-11200-key\/","title":{"rendered":"Bitcoin is Plunging, But It&#8217;s Too Early to Say Bulls Have Given Up"},"content":{"rendered":"<p><em>Bitcoin price started a sharp decline from the $12,000 resistance against the US Dollar. BTC must stay above $11,200 and $11,000 to remain in a positive zone.<\/em><\/p>\n<ul>\n<li>Bitcoin failed to gain pace above the $12,000 resistance level, and started a sharp decline.<\/li>\n<li>The price is down over 5%, and it broke the $11,500 support and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a major bullish trend line with support near $11,640 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is currently consolidating losses near $11,350 and it might revisit the $11,200 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Dives Below $11,500<\/h2>\n<p>Yesterday, we saw a <a href=\"https:\/\/ktsl888.com\/2020\/09\/02\/bitcoin-100-sma-can-trigger-new-rally\/\" target=\"_blank\" rel=\"noopener \">crucial rejection above $12,000<\/a> for bitcoin price against the US Dollar. BTC topped near the $12,065 level and started a sharp decline. The bears were able to clear the $11,650 and $11,500 support levels to spark a major decline.<\/p>\n<p>The price even broke the $11,350 zone and settled below the <a href=\"https:\/\/ktsl888.com\/2020\/09\/01\/bitcoin-is-about-to-see-strong-liftoff\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. There was also a break below a major bullish trend line with support near $11,640 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The pair tested the $11,200 support and a low is formed near $11,186. Recently, there was a recovery wave from the $11,186 low. Bitcoin price recovered above the $11,350 level. It even climbed above the 23.6% Fib retracement level of the recent decline from the $12,064 high to $11,186 low.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/09\/Bitcoin-2.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-437160\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/09\/Bitcoin-2.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/09\/Bitcoin-2.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/09\/Bitcoin-2.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/09\/Bitcoin-2.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/09\/Bitcoin-2.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/09\/Bitcoin-2.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/09\/Bitcoin-2.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/09\/Bitcoin-2.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>The bulls are currently struggling to push the price above the $11,450 and $11,500 levels (support turned resistance). The next major resistance is near the $11,650 level and the 100 hourly simple moving average.<\/p>\n<p>The 50% Fib retracement level of the recent decline from the $12,064 high to $11,186 low is also near the $11,625 level. A successful break above the $11,500 level and then a follow through move above $11,650 is must for a fresh upward move in the near term.<\/p>\n<h2>Key Uptrend Support for BTC<\/h2>\n<p>If bitcoin price struggles to clear the $11,500 resistance, it might continue to move down. The first key support for the bulls is near the $11,200 level.<\/p>\n<p>The next major support is near the $11,000 zone, below which the bears are likely to aim a larger decline (may be towards the $10,500 level).<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is struggling to gain momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and it is below the 40 level.<\/p>\n<p>Major Support Levels \u2013 $11,200, followed by $11,000.<\/p>\n<p>Major Resistance Levels \u2013 $11,500, $11,550 and $11,650.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a sharp decline from the $12,000 resistance against the US Dollar. BTC must stay above $11,200 and $11,000 to remain in a positive zone. Bitcoin failed to gain pace above the $12,000 resistance level, and started a sharp decline. The price is down over 5%, and it broke the $11,500 support and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $11,640 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is currently consolidating losses near $11,350 and it might revisit the $11,200 support zone. Bitcoin Price Dives Below $11,500 Yesterday, we saw a crucial rejection above $12,000 for bitcoin price against the US Dollar. BTC topped near the $12,065 level and started a sharp decline. The bears were able to clear the $11,650 and $11,500 support levels to spark a major decline. The price even broke the $11,350 zone and settled below the 100 hourly simple moving average. There was also a break below a major bullish trend line with support near $11,640 on the hourly chart of the BTC\/USD pair. The pair tested the $11,200 support and a low is formed near $11,186. Recently, there was a recovery wave from the $11,186 low. Bitcoin price recovered above the $11,350 level. It even climbed above the 23.6% Fib retracement level of the recent decline from the $12,064 high to $11,186 low. Bitcoin price trades below $11,500. Source: TradingView.com The bulls are currently struggling to push the price above the $11,450 and $11,500 levels (support turned resistance). The next major resistance is near the $11,650 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $12,064 high to $11,186 low is also near the $11,625 level. A successful break above the $11,500 level and then a follow through move above $11,650 is must for a fresh upward move in the near term. Key Uptrend Support for BTC If bitcoin price struggles to clear the $11,500 resistance, it might continue to move down. The first key support for the bulls is near the $11,200 level. The next major support is near the $11,000 zone, below which the bears are likely to aim a larger decline (may be towards the $10,500 level). Technical indicators: Hourly MACD \u2013 The MACD is struggling to gain momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is declining and it is below the 40 level. Major Support Levels \u2013 $11,200, followed by $11,000. Major Resistance Levels \u2013 $11,500, $11,550 and $11,650.<\/p>\n","protected":false},"author":67,"featured_media":437163,"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-437159","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>Bitcoin is Plunging, But It&#039;s Too Early to Say Bulls Have Given Up<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a sharp decline from the $12,000 resistance. 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