{"id":432718,"date":"2020-07-30T03:58:17","date_gmt":"2020-07-30T03:58:17","guid":{"rendered":"https:\/\/wncen.com\/?p=432718"},"modified":"2024-06-11T14:05:50","modified_gmt":"2024-06-11T14:05:50","slug":"bitcoin-showing-early-signs-of-struggle","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-showing-early-signs-of-struggle\/","title":{"rendered":"Bitcoin Showing Early Signs of Struggle: Can Bulls Save The Day?"},"content":{"rendered":"
Bitcoin is struggling to stay above the $11,200 resistance level against the US Dollar. BTC is currently correcting lower and it could continue to move down towards $10,700.<\/em><\/p>\n Bitcoin price made another attempt to surpass the $11,400 resistance<\/a> against the US Dollar, but it failed. BTC failed to stay above the $11,200 level and formed an intraday high near the $11,349 level.<\/p>\n It is currently correcting lower below $11,200, but it is well above the 100 hourly simple moving average. During the recent decline, there was a break below a key bullish trend line with support near $11,150 on the hourly chart of the BTC\/USD pair.<\/p>\n The pair is now approaching the $10,950 support. It is close to the 50% Fib retracement level of the upward wave from $10,581 swing low to $11,349 high. The first major support is near the $10,850 level.<\/p>\n <\/a><\/p>\n The next major support is near the $10,700 level (a multi-touch zone). An intermediate support might be the 76.4% Fib retracement level of the upward wave from $10,581 swing low to $11,349 high at $10,760.<\/p>\n If the bulls fail to protect the $10,700 support level, the price could test the 100 hourly simple moving average. Any further losses may perhaps lead the price towards the main $10,300 support zone.<\/p>\n Clearly, bitcoin is showing early signs of struggle near the $11,200 and $11,400 levels. Having said that, the current formation could be just a consolidation phase above $10,700 and $10,300.<\/p>\n\n
Bitcoin Price Struggling To Clear $11,400<\/h2>\n
Bitcoin price trades below $11,200. Source: TradingView.com<\/a><\/pre>\n
Dips in BTC Present Buying Opportunity?<\/h2>\n