2020-8-26 18:28 |
Bitcoin price has declined by about 4% in the past 48 hours, dropping from highs of $11,780 to lows of $11,079
The latest pullback for Bitcoin has seen its price drop from around $11,780 to $11,079, with the technical picture suggesting bears might push it to major support levels around $10,900.
BTC/USD has traded in the $11,000-$12,500 range for the past month but attempts to establish a footing above the $12,000 mark have all met violent rejections.
Yesterday’s decline to lows of $11,100 curtailed bulls’ attempts to retake $11,800 – crucially meaning that bulls lost support at $11,650, and $11,500.
Struggles against the US dollar above these levels suggest that bears are likely to aim at the area below $11,000
According to crypto trader “DonAlt,” Bitcoin’s price is likely to rebound as bulls find comfort around $11,200. However, the bears might have it easy invalidating that, especially as whales appear to be taking profits at prices above $11,600.
Via a chart shared on Twitter, the trader noted that Bitcoin taking out $11,760 at close would make it possible for higher moves. But until that happens, BTC/USD would likely see further losses.
Bitcoin price could retest $10,900. Chart shared by DonAlt on Twitter.After hitting a new weekly low, BTC/USD has in the past hour corrected higher, currently trading at around $11,320. However, the bulls are finding resistance at $11,400 steep to suggest a retest of the area marked by the 23.6% Fibonacci retracement at $11,122.
Bitcoin price fell to lows of $11.115. Source: TradingViewThe technical picture also suggests a bearish trend line, with prices likely to struggle at the 50% Fibonacci retracement level near $11,400 and above it, $11,500.
Bulls will need to break above these price zones to keep the bears off. As noted, failure would likely first see a retest of $11K and below it, the major support area between $10,000 and $10,900.
Positive for the crypto is that the uptrend is still there, with prices 58% up year-to-date. The bull run is still on, likely halfway into a fourth major cycle.
Bitcoin’s fourth major bull cycle started in 2018 according to CoinMetricsAnalytics and research firm CoinMetrics says that Bitcoin’s cycle from the last bottom is now more than 600 days in. if the market witnesses a repeat of the 2015 cycle, then Bitcoin is “at least several hundred days” away from a new all-time high.
The post Bears eyeing Bitcoin at $10,900 after testing $11,079 appeared first on Coin Journal.
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