Bitcoin Price (BTC) Tumbles $2,000 In Few Hours: $10,800 Holds Key
- Bitcoin price started a significant decline from the $13,200 swing high against the US Dollar.
- The price is down more than $2,000 and it even broke the $11,800 support area.
- There was a break below a major bullish trend line with support near $12,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The next important supports on the downside are near $11,000 and $10,800.
Bitcoin price nosedived by more than $2,000 from well above $13,000 against the US Dollar. BTC is now approaching the next important support near the $10,800 level.
Bitcoin Price Analysis
Yesterday, bitcoin price made a few attempts to settle above $13,000 against the US Dollar. However, the BTC/USD pair failed to gain momentum and recently started a sharp decline below $12,800 and $12,500. The recent decline was nasty, dragging Ethereum, BCH, LTC, ripple and the crypto market cap lower significantly. BTC broke the $12,000 and $11,800 support levels to move into a bearish zone.
Moreover, there was a break below a major bullish trend line with support near $12,800 on the hourly chart of the BTC/USD pair. The pair even settled below $11,500 and 100 hourly simple moving average. It is down more than 12% and broke the key $11,400 support as well. Moreover, there was a break below the 50% Fib retracement level of the last major move from the $11,001 low to $13,200 high.
It traded towards the $11,200 level and is trading with a bearish angle. Bitcoin is now trading well below the 76.4% Fib retracement level of the last major move from the $11,001 low to $13,200 high. Therefore, there are chances of more losses towards the $11,000 support area. The main support is near the $10,800 level, below which there is a risk of a drop towards the $10,500 level.
On the upside, an initial resistance is near the $11,500 level. If there is an upside correction, the price is likely to find hurdles near the $11,800 and $12,000 levels. The 100 hourly simple moving average is also likely to act as a strong barrier for the bulls near $12,000.
Looking at the chart, bitcoin price clearly trimmed most its recent gains and settled below $12,000. It could find bids near the $11,000 or $10,800 level and it may start consolidating losses. Besides, there could be a short term upside correction towards $11,800 or even $12,000.
Technical indicators:
Hourly MACD – The MACD is currently gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 40 level, with a bearish angle.
Major Support Levels – $11,000 followed by $10,800.
Major Resistance Levels – $11,500, $11,800 and $12,000.
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Aayush Jindal, Khareem Sudlow