Bitcoin Price Analysis: BTC/USD could extend corrective slide to $11,200
- BTC/USD is moving sideways near $11,500 on Saturday.
- $11,200 area aligns as the next target on the downside for Bitcoin.
Bitcoin (BTC/USD) dropped to its lowest level in more than a week at $11,370 on Saturday but didn't have a difficult time erasing its losses. As of writing, BTC/USD was posting small daily gains around $11,550. Nevertheless, the pair seems likely to extend its corrective slide to $11,200 in the near-term.
Bitcoin technical outlook
Bitcoin is trading below the one-month-old ascending trade line for the third straight day on Saturday. Additionally, BTC/USD closed below the 20-day SMA for the first time since the beginning of that same uptrend. Unless Bitcoin reclaims $12,000, it could continue to push lower toward $11,200 (Fibonacci 38.2% retracement of late-July to mid-August uptrend). Before that level, $11,370 (daily low) could act as interim support.
On the upside, near-term resistances could be seen at $11,700 (20-day SMA/Fibonacci 23.6% retracement) and $12,000 (psychological level).
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.
