Bitcoin price is still struggling to regain bullish momentum after declining below $11,300. Will the downward trend continue?
Bitcoin Price Technical Analysis
Yesterday, August 9, the price of Bitcoin (BTC) was trading in a range above the $11,500 level and the 12 and 26-day Exponential Moving Averages (EMAs). After several attempts by the bulls to break above the $12,000 price level, Bitcoin price today declined below $11,300 after meeting a strong resistance near the $11,800 level. BTC price, however, is correcting upwards from the support near $11,250.
On the downside, if the bears break below the $11,250 support level, Bitcoin price may further depreciate to the low of $11,00. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line and this indicates a sell signal.
BTCUSD Price Short-term Analysis
Looking at the 1-hour chart, BTCUSD price is struggling to regain bullish momentum towards the $12,000 resistance level. After the downward trend correction, the price of BTC fell to a low of $11,300 level. On August 6, BTCUSD price declined to a low of $11,200 before resuming the bullish momentum.
BTC is now ranging above the $11,300 price level for a possible bullish trend. In the meantime, the MACD line and the signal line are below the zero line which indicates is a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.