Bitcoin (BTC) struggles to stay above $ 11,000. At the time of writing, the leading cryptocurrency was trading at $ 9,960. According to some analysts, correction may occur in Bitcoin.
Master analyst Aayush Jindal says that BTC can currently experience lower levels of correction and continue to drop to $ 10,700. According to the graphic prepared by the analyst, several consecutive candles show that the price may drop towards $ 10 thousand 700.
On the hourly chart of the BTC / USD pair, there was a break below the major uptrend line, with support near $ 11,150. The pair should remain above the $ 10,700 support level to start a new increase in the near term.
Yesterday, Bitcoin made another attempt to surpass the $ 11,400 resistance against the dollar, but failed. BTC couldn’t stay above the $ 11,200 level and started to decline.
If the bulls cannot maintain the support level of $ 10,700, the price could test the 100 hourly simple moving average. Any other lost price could direct the price to $ 10 thousand to the main support area.
Bitcoin shows signs of early fighting near the $ 11,200 levels. As long as the price is trading above the support levels of 10 thousand 700 and 10 thousand 300 dollars, it is likely to continue its upward movement. Any other loss could possibly initiate a long downward correction and the price may even fall below the $ 10,000 support.
Hourly MACD: MACD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently below the 50 level with bearish signs.
Major Support Levels: $ 10,800 and then $ 10,700
Major Resistance Levels: 11 thousand 200 dollars, 11 thousand 400 dollars and 11 thousand 500 dollars