Bitcoin Price Analysis: BTC/USD continues to search for direction near $11,000
- Bitcoin is moving sideways for the third straight day on Saturday.
- $11,200 as a critical resistance in the near-term.
- Sellig pressure could pick up steam with a break below $10,700.
Bitcoin (BTC/USD) closed the previous trading days virtually unchanged near $11,000 and doesn't seem to be looking to make a decisive move in either direction on Tursday. As of writing, Bitcoin was down 0.35% on a daily basis at $10,900.
BTC/USD technical outlook
On the daily chart, the Relative Strength Index (RSI) indicator continues to move sideways near 50, confirming the indecisiveness of Bitcoin. On the upside, $11,200 area, where the Fibonacci 38.2% retracement of July 21-August 18 uptrend and the Fibonacci 61.8% retracement of the early-September drop is located, aligns as a critical hurdle. The 50-day SMA is also fortifying this resistance. With a daily close above this area, the next target on the upside could be seen at $11,700 (Fibonacci 23.6% retracement of July 21-August 18 uptrend) and $12,000 (psychological level).
On the other hand, the initial support is located at $10,700 (Fibonacci 38.2% retracement of the early-September drop/20-day SMA) ahead of $10,400 (100-day SMA). Below those levels, $10,000 (psychological level) is defending $9,800, the static level that helped Bitcoin reverse its direction after the sharp selloff witnessed during the first week of September.
Bitcoin chart (daily)
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
