BTC Could Nosedive If It Drops Below the $11,650 and $11,550...
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BTC Could Nosedive If It Drops Below the $11,650 and $11,550 Range

In the previous session, the BTC/USD started a downside correction below the $12,000 level. The bulls slowly lost control and BTC even settled well below the $12,000 region and the 100 hourly simple moving average (SMA). Moreover, the bears were able to push the price below the $11,650 support zone but the $11,550 and $11,500 support levels prevent further losses.

A recent low is formed near $11,581 and the price is currently making an upside correction. It recovered above the $11,700 level, but the $11,800 level prevented more gains. The 23.6% Fib retracement level of the recent decline from the $12,490 high to $11,581 low is also near the $11,795 level.

Notably, there is a crucial bearish trend line forming on the hourly chart of the BTC/USD pair, with resistance near $11,880. The hourly MACD for the pair is slowly moving into the bullish zone. Its hourly RSI (Relative Strength Index) is now well below the 50 level.

If there is an upside break above the trend line resistance, the price could continue its recovery wave towards the $11,950 level or the 100 hourly SMA. The next major resistance is close to the $12,000 and $12,050 levels. The 50% Fib retracement level of the recent decline from the $12,490 high to $11,581 low is also near the $12,035 level.

To move into a positive zone and start any decent uptrend, the price must settle above the $12,000 and $12,050 levels. The next major resistance is near the $12,150 level, above which the bulls could easily push the price towards the main $12,500 resistance in the near term.

On the downside, the $11,650 and $11,550 support levels are important pivots for the bulls. The next major support is forming near the $11,500 level. If there is a clear downside break and close below $11,500, the price might drop sharply towards the $11,200 and $11,000 levels in the coming sessions.

coinmag

Born, raised and schooled in Sweden with a degree in law, Glenn is a long time crypto enthusiast. He quickly acknowledged the potential of the blockchain technology, and the benefits of decentralization. Glenn believes in a future where blockchain technology and decentralization will govern and enable people to have a transparent security and financial system.