{"id":440064,"date":"2020-09-30T04:08:01","date_gmt":"2020-09-30T04:08:01","guid":{"rendered":"https:\/\/wncen.com\/?p=440064"},"modified":"2024-06-11T14:17:00","modified_gmt":"2024-06-11T14:17:00","slug":"bitcoin-topside-bias-vulnerable-4","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-topside-bias-vulnerable-4\/","title":{"rendered":"Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $11K"},"content":{"rendered":"
Bitcoin price is stuck in a broad range below the $11,000 resistance against the US Dollar. BTC is likely to decline sharply if it continues to fail near $10,800 and $11,000.<\/em><\/p>\n After a sharp bearish reaction from the $10,950 zone<\/a>, bitcoin price found support near the $10,650 level against the US Dollar. The bears made a couple of attempts to clear the $10,650 support, but they failed.<\/p>\n The recent low was formed near $10,647 before the price recovered above $10,750. The price traded as high as $10,860 and it is currently correcting lower. There was a break below the 23.6% Fib retracement level of the recent rise from the $10,647 low to $10,860 high.<\/p>\n Bitcoin is now approaching the 100 hourly simple moving average and the $10,750 support. It is close to the 50% Fib retracement level of the recent rise from the $10,647 low to $10,860 high.<\/p>\n <\/a><\/p>\n It seems like there is a major contracting triangle forming with resistance near $10,850 on the hourly chart of the BTC\/USD pair. To start a strong increase, the price must clear the triangle resistance and then the $10,950 zone.<\/p>\n The main hurdle is still near the $11,000 resistance, above which there are real chances of a sustained upward move towards the $11,500 and $11,600 levels in the near term.<\/p>\n If bitcoin fails to climb above the $10,800 and $10,850 resistance levels, there is a risk of a downside break. The first key support is near the triangle lower trend line or $10,650.<\/p>\n\n
Bitcoin Price is Stuck in a Range<\/h2>\n
Bitcoin price trades below $10,800. Source: TradingView.com<\/a><\/pre>\n
Downsides Break in BTC?<\/h2>\n