Price Analysis

Bitcoin Price Analysis: BTC Rebounds After Steady Fall Below $11,200

  • Bitcoin has recently started an upward price move against U.S.Dollar
  • BTC seems to have support near $11,193, price starts to recover from there
  • The bearish trendline has been breached near the mentioned support level of $11,193

Bitcoin has been going through quite a bearish phase since many days till now against U.S.Dollar. The coin has seen a steady price fall which was followed by a rebound over the last 4-hours.

Bitcoin was above $11,353 at 7:45 UTC and the leading crypto coin tapped on a strong downtrend from there. BTC has also traced a bearish trendline which also forms a lower high pattern with three spikes. The coin gradually dropped to $11,192.46 and found support there to strike a surge.

It has increased from there and had its first lower high at $11,202.72 and second lower high at $11240. The coin has maintained an uptrend after that and is at $11,244.00 at 11:44:02 UTC.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

BTC’s current price is 3.31% higher than its 100-day SMA of $10,883.15, but is below its 5-day SMA. The coin carries a selling pressure at the moment.

Also, massive financial firm, Goldman Sachs has recently given its statement regarding Bitcoin’s price scenario. A tweet from “CNBC’s Fast Money” reveals,

https://twitter.com/CNBCFastMoney/status/1161027353163784197

Bitcoin Price Prediction & Technical Indicators:

MACD chart of BTC/USD is moderately volatile and indicates a bearish momentum as the MACD line is below the Signal line. RSI for the coin is around 40 showing no extremities. The coin may face resistance at $11,500.22 and support at $11,203.35.

Tags

Ruti Vora

Ruti has recently joined CryptonewsZ as a writer and has been writing on other cryptocurrency sites as well. Having a background of tech field makes her versatile with a keen interest in literature. You will find her surrounded by books and music when she is not on work. You can also contact her on Linkedin or Facebook.
Event Information
Event Information
Back to top button