{"id":392802,"date":"2019-08-12T06:00:39","date_gmt":"2019-08-12T06:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=392802"},"modified":"2024-06-11T13:24:12","modified_gmt":"2024-06-11T13:24:12","slug":"bitcoin-btc-price-at-risk-of-more-downsides-below-11200","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-at-risk-of-more-downsides-below-11200\/","title":{"rendered":"Bitcoin (BTC) Price At Risk Of More Downsides Below $11,200"},"content":{"rendered":"<ul>\n<li>Bitcoin price is currently under pressure below the $11,600 resistance against the US Dollar.<\/li>\n<li>The price could slide sharply if there is a break below the $11,200 support area.<\/li>\n<li>There is a major bearish trend line forming with resistance near $11,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price might correct higher, but upsides are likely to be capped near $11,600 and $11,700.<\/li>\n<\/ul>\n<p><em>Bitcoin price is trading in a bearish zone below $11,800 against the US Dollar. BTC price remains at a risk of more losses below the $11,200 support level in the near term.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>This past week, bitcoin price topped near the $12,325 level against the US Dollar. The BTC\/USD pair started a strong downside correction and <a href=\"https:\/\/wncen.com\/2019\/08\/10\/bitcoin-btc-price-approaching-crucial-break\/\" target=\"_blank\" rel=\"noopener noreferrer \">traded below the $11,500 support<\/a>. There was a close below the $11,800 pivot level and the 100 hourly simple moving average. Finally, the price tested the $11,200 support area and a swing low was formed at $11,096.<\/p>\n<p>At the moment, the price is currently losses above the $11,400 level. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $11,975 high to $11,096 low. However, the upward move is facing hurdles near the $11,500 and $11,550 levels. Additionally, the 50% Fib retracement level of the downward move from the $11,975 high to $11,096 low is acting as a resistance.<\/p>\n<p>On the upside, there are a few important hurdles forming near $11,600 and $11,700. More importantly, there is a major bearish trend line forming with resistance near $11,700 on the hourly chart of the BTC\/USD pair. Below the trend line, the 100 hourly SMA is near the 61.8% Fib retracement level of the downward move from the $11,975 high to $11,096 low.<\/p>\n<p>Therefore, the price is likely to face a strong selling interest near between the $11,600 and $11,700 levels. The main resistance is near the $11,800 level, above which the price could turn positive in the near term. On the downside, an immediate support is near the $11,300 level. However, the main support is near the $11,200 level, below which the price might slide sharply below $11,000. In the mentioned case, BTC price might test the $10,500 level (<a href=\"https:\/\/wncen.com\/2019\/08\/11\/bitcoin-btc-price-weekly-forecast-risk-of-fresh-drop-to-10500\/\" target=\"_blank\" rel=\"noopener noreferrer \">as discussed in the weekly forecast<\/a>).<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-10.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-392803\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-10.png?resize=1828%2C868\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-10.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-10.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-10.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-10.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-10.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-10.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/Bitcoin-10.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is trading in a bearish zone below the $11,600 and $11,700 resistance levels. Therefore, there is a risk of more downsides below the $11,200 and $11,000 supports.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is gaining traction in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently sliding towards the 40 level.<\/p>\n<p>Major Support Levels \u2013 $11,200 followed by $11,000.<\/p>\n<p>Major Resistance Levels \u2013 $11,550, $11,600 and $11,700.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is currently under pressure below the $11,600 resistance against the US Dollar. The price could slide sharply if there is a break below the $11,200 support area. There is a major bearish trend line forming with resistance near $11,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The price might correct higher, but upsides are likely to be capped near $11,600 and $11,700. Bitcoin price is trading in a bearish zone below $11,800 against the US Dollar. BTC price remains at a risk of more losses below the $11,200 support level in the near term. Bitcoin Price Analysis This past week, bitcoin price topped near the $12,325 level against the US Dollar. The BTC\/USD pair started a strong downside correction and traded below the $11,500 support. There was a close below the $11,800 pivot level and the 100 hourly simple moving average. Finally, the price tested the $11,200 support area and a swing low was formed at $11,096. At the moment, the price is currently losses above the $11,400 level. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $11,975 high to $11,096 low. However, the upward move is facing hurdles near the $11,500 and $11,550 levels. Additionally, the 50% Fib retracement level of the downward move from the $11,975 high to $11,096 low is acting as a resistance. On the upside, there are a few important hurdles forming near $11,600 and $11,700. More importantly, there is a major bearish trend line forming with resistance near $11,700 on the hourly chart of the BTC\/USD pair. Below the trend line, the 100 hourly SMA is near the 61.8% Fib retracement level of the downward move from the $11,975 high to $11,096 low. Therefore, the price is likely to face a strong selling interest near between the $11,600 and $11,700 levels. The main resistance is near the $11,800 level, above which the price could turn positive in the near term. On the downside, an immediate support is near the $11,300 level. However, the main support is near the $11,200 level, below which the price might slide sharply below $11,000. In the mentioned case, BTC price might test the $10,500 level (as discussed in the weekly forecast). Looking at the chart, bitcoin price is trading in a bearish zone below the $11,600 and $11,700 resistance levels. Therefore, there is a risk of more downsides below the $11,200 and $11,000 supports. Technical indicators: Hourly MACD \u2013 The MACD is gaining traction in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently sliding towards the 40 level. Major Support Levels \u2013 $11,200 followed by $11,000. Major Resistance Levels \u2013 $11,550, $11,600 and $11,700.<\/p>\n","protected":false},"author":67,"featured_media":344599,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-392802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price At Risk Of More Downsides Below $11,200<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading in a bearish zone below $11,800 against the US Dollar. 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