Bitcoin Price Analysis: BTC Breaks $11,000 Support – Bitcoinist.com


Over the last 48 hours, Bitcoin price has broken support at $11,000 mentioned in my previous analysis and has since dropped back to support around $10,100. High selling volume indicates further downside over the coming days.


Bitcoin 2-Hour Price Analysis

On the 2 hour chart for XBT/USD, we can see support above $11,000 has been broken convincingly with a clear increase in selling momentum. Bears are in control of the short-term price action as price levels approach key support between $10,170, and $9,890. 50 MA and 200 EMA have yet to cross down over each other meaning a bounce could happen beforehand resulting in a continuation of the bullish short-term trend.

Overhead resistance around $11,100 stemming from the yearly high around $14,000 is the main resistance point to look out for if price levels do proceed to bounce. If this resistance point is broken price levels will likely re-test the yearly high.

Binance Banner  

There’s a chance BTC will make a new lower low over the coming days and weeks to put fear into long traders before the real breakout of the overhead resistance mentioned. It’s likely $8,100 will be the lower low region. 0.5 Fibonacci level at $9,400 is also a key support area to look out for however, it’s much more likely that Bitcoin price will create a lower low.


Bitcoin 30-Minute Price Analysis

On the 30 minute chart for XBT/USD, we can see the small rising support level around $11,100 that has recently broken. This break-down was met with clear selling pressure indicating bulls are no longer in control of the short-term trend.

POC has yet to move down and still sits at the previous asymmetrical triangle break-down point at $11,700. If this POC doesn’t move down over the coming days it’s increasingly likely that a bounce will occur.

The medium-term bitcoin price trend is still very much bullish, it’s important to not let short-term bearish price action to cloud judgment. As long as $8,100 region holds the current market price action is merely required volatility in order to sustain such bullish momentum that took price levels to $14,000 from the depths of $3,000.

Coinbase Banner  

Selling momentum will need to come to a halt with a clear influx of bullish volume for a bounce to occur. Key support levels to look out for during a continuation of the short-term pullback is $10,100, $9,800, $9,450, $8,800 and $8,100. If the last support level is broken the trend is no longer bullish and will be hard to gauge re-entry points.

Do you think Bitcoin price will create a lower low over the coming days? Please leave your thoughts in the comments below!


This article is strictly for educational purposes and should not be construed as financial advice.

Images via Bitcoinist Image Library, BTC/USD charts by TradingView

The Rundown

Go to Source
Author: Smith


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.