Bitcoin is struggling to gain momentum above the $11,200 level against the US Dollar. BTC is currently correcting lower and it could test $10,700 before a fresh increase.
- Bitcoin is showing signs of a downside correction below the $11,200 level.
- The price is likely to find a strong buying interest near the $10,700 level.
- There was a break below a crucial bullish trend line with support near $10,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase as long as it is above $10,700 and $10,300 in the near term.
Bitcoin Price Correcting Gains
After a downside correction from $11,400, bitcoin found support near the $10,700 level against the US Dollar. BTC remained well bid above the $10,700 level and the 100 hourly simple moving average.
It climbed back above $11,000, but it struggled to gain strength above the $11,200 level. A high is formed near $11,195 and the price is currently correcting lower. It traded below the $11,100 and $11,000 levels.Bitcoin price above $10,000. Source:The next major support is near the $10,820 level. It is close to the 61.8% Fib retracement level of the recent upward move from $10,599 swing low to $11,195 high. The main support is near the $10,700 level.
Fresh Increase in BTC?
Once the current correction wave is complete, bitcoin price is likely to resume its upward move above $11,000. The first major resistance is near the $11,200 level.A successful close above the $11,200 level is needed to start a fresh increase. The next major resistance on the upside is near the $11,400 and $11,500 levels. Any further gains could open the doors for a push towards the main $12,000 resistance in the near term.