- Short-term symmetrical triangle confines immediate moves.
- Sellers continue to lurk above the 12000 level.
- 50-hourly SMA near 11,880 offers strong support.
Bitcoin, the world’s most widely traded currency, consolidates the recovery from Saturday’s low of 11,335, as the heap of resistances placed between 12,000-12,500 levels continues to cap the upside attempts. Despite the range trade, the coin witnessed over 2% gains over the last 24 hours and maintains a market capitalization of around $ 213 billion.
Markets seem to await fresh trading catalysts and therefore leave the prices confined in a symmetrical triangle formation, as observed on the 1-hour chart. A breakout is imminent as the range tapers further, with the downside bias more likely as the coin tests the solid support near 11,880 levels, the confluence of the 50-hourly Simple Moving Average (SMA) and the ascending trend line support. The sellers will take charge only below the last, opening floors for a test of the upward sloping 200-hourly SMA located at 11,450 levels. Saturday’s low will be on the bears’ radar should the prices fail to hold the 200-hourly SMA.
However, the hourly Relative Strength Index (RSI) is heavily oversold and looks set for a rebound, which could offer fresh signs of life to the BTC bulls. The rates could bounce in tandem with the RSI and regain the 12k mark above which the descending trendline resistance near 12,200 region could be tested in an attempt to regain Saturday’s high at 12,445.
BTC/USD 1-hour chart
Levels to Watch
|Today last price||11951.74|
|Today Daily Change||86.94|
|Today Daily Change %||0.73|
|Today daily open||11864.8|
|Previous Daily High||12383.56|
|Previous Daily Low||11324.37|
|Previous Weekly High||13862.09|
|Previous Weekly Low||10300.04|
|Previous Monthly High||9090.94|
|Previous Monthly Low||5266.72|
|Daily Fibonacci 38.2%||11728.98|
|Daily Fibonacci 61.8%||11978.95|
|Daily Pivot Point S1||11331.59|
|Daily Pivot Point S2||10798.38|
|Daily Pivot Point S3||10272.4|
|Daily Pivot Point R1||12390.79|
|Daily Pivot Point R2||12916.77|
|Daily Pivot Point R3||13449.98|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.