Bitcoin Takes a Bit Hit But Price Action Suggests Limited Downsides

163 Views

  • Thanks! Share it with your friends!

    You disliked this video. Thanks for the feedback!

gendegarcia
Published
Bitcoin price started a downside correction from the $12,500 resistance against the US Dollar. BTC is currently trading below $12,000, but there are many key supports on the downside. After a sharp upward move, bitcoin traded close to the $12,500 resistance against the US Dollar. BTC traded as high as $12,491 and recently started a downside correction. There was a break below the $12,200 support level to start the recent correction. The price even broke the $12,000 support area and the 100 hourly simple moving average. However, the $11,800 level acted as a strong support. There is also a major bullish trend line forming with support near $11,850 on the hourly chart of the BTC/USD pair. The pair is currently trading near the 23.6% Fib retracement level of the recent decline from the $12,491 high to $11,813 low. On the upside, the $12,000 level is a short-term resistance along with the 100 hourly SMA. The next resistance is near the $12,100 level and a connecting bearish trend line on the same chart. The main resistance is now near the $12,150 level or the 50% Fib retracement level of the recent decline from the $12,491 high to $11,813 low. A successful push above the trend line, $12,150, and $12,200 is must to start a fresh increase in the near term. In the mentioned case, the price might revisit the $12,500 resistance. If bitcoin struggles to start a fresh increase above $12,100 and $12,200, it could continue to move down. The first major support is near the $11,800 level. The next major support is near the $11,650 and $11,550 levels, below which the price bulls are likely to lose control in the coming sessions. Technical indicators:Hourly MACD – The MACD is slowly losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level. Major Support Levels – $11,800, followed by $11,650. Major Resistance Levels – $12,100, $12,150 and $12,200.


All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/08/19/bitcoin-price-action-suggests-limited-downsides/


#level #cryptoquoteanswers #winklevossbitcoin #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange
Category
Crypto Trading
Tags
Be the first to comment