Bitcoin price e has broken below the $11,200 and $11,000 support levels and since then it has been bearish. Will the price drop further?

Bitcoin Price Technical Analysis

Yesterday, August 13, the price of Bitcoin (BTC) was in a bearish trend zone as the bears broke below the 12 and 26-day Exponential Moving Averages (EMAs). This has resulted in the price of BTC breaking below the $11,200 and $11,000 support levels.

Bitcoin price is now trading at the $10,235 level as at the time of writing. On the upside, if the bulls break above the EMAs, the price of Bitcoin the price will correct higher towards the $10,700 and $10,800 levels. On the other hand, Bitcoin price will drop further towards the $10,000 and $9,800 levels if the bulls fail to break above the EMAs.

In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.

BTCUSD Price Short-term Analysis

Looking at the 1-hour chart, BTCUSD price is in a bearish trend zone. Yesterday, the price of BTC reached the $10,733 level and has since been on a downward trend. Having dropped below the 12 and 26-day EMAs, there are chances of further downsides towards the $10,000 and $9,800 levels or even below. Considering this bearish momentum, traders should wait before buying again. In the meantime, the MACD line and the signal line are below the zero line which indicates is a buy signal.

  • Resistance Levels: $10,300 $10,400 and $10,500
  • Support levels: $10,100, $9,800, $9,450

Disclaimer

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.

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