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- Bitcoin is currently holding around $11500, appears a bit unstable
- BTC loses its price position above 12k over a day
- The coin currently has support near $11200, faces resistance above $11500
- With moderate volatility, MACD for BTC is heading for a bearish crossover
Bitcoin slips to trade in the bearish zone. Yesterday’s bulls seem to be at a pause as the coin has traced a bearish price trend. The mentioned price fall has also affected other leading coins such as Ethereum and XRP, which is well below $300 and $0.33 respectively.
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In the given 4-hourly chart of BTC, its price trend forms an impulsive pattern. The coin drops from $11539.41 to $11435 and corrects up above $11600. With such price turbulence, the coin even bottomed near $11338.98 breaking support near $11400. From here, it takes a rebound and keeps its price ranges around $11400 to $11500. Also, go through Bitcoin projection and understand the future price fluctuation.
BTC/USD Price Chart
Today, At 11:12:32 UTC, Bitcoin was trading at $11471.71, which is just below its 20-days SMA. the coin, however, is 4.57% lower than its 5-days SMA of $12021.93. Despite current price slump, Bitcoin is trading in “Buy” Phase.
Technical Indicators for Bitcoin:
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MACD outlook for Bitcoin is volatile but is moving towards a bearish crossover. Also, the RSI for BTC is at just above 50 showing a stable momentum. It is likely to see major resistance above $11500 and near $12000, and support prices near $11300.
