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{"id":436125,"date":"2020-08-25T04:08:36","date_gmt":"2020-08-25T04:08:36","guid":{"rendered":"https:\/\/uniquehot.com\/?p=436125"},"modified":"2024-06-11T07:14:36","modified_gmt":"2024-06-11T07:14:36","slug":"bitcoin-trading-near-inflection-point","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-trading-near-inflection-point\/","title":{"rendered":"Bitcoin Trading Near Inflection Point: Here\u2019s Why $11,650 Holds The Key"},"content":{"rendered":"

Bitcoin price started an upside correction from the $11,350 support against the US Dollar. BTC is currently declining, but it could bounce back as long as it is above $11,650 or $11,550.<\/em><\/p>\n

\n
Bitcoin formed a high near $11,825 and it is currently correcting lower.<\/li>\n
The price is testing a key support near $11,650 and the 100 hourly simple moving average.<\/li>\n
There was a break below a major bullish trend line with support near $11,710 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair must stay above the $11,650 and $11,550 support levels to climb higher towards $12,000.<\/li>\n<\/ul>\n
Bitcoin Price Testing Crucial Support<\/h2>\n
Yesterday, we saw a decent upside correction<\/a> in bitcoin price above the $11,650 resistance against the US Dollar. BTC even surpassed the $11,700 level and settled above the 100 hourly simple moving average.<\/p>\n
The price struggled to gain momentum above the $11,800 level and a high is formed near $11,825. Bitcoin is currently correcting lower and trading below $11,750. There was a break below the 23.6% Fib retracement level of the recent recovery wave from the $11,349 low to $11,825 high.<\/p>\n
Moreover, there was a break below a major bullish trend line with support near $11,710 on the hourly chart of the BTC\/USD pair. The pair is now testing a key support near $11,650 and the 100 hourly simple moving average.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Bitcoin price trades below $11,800. Source: TradingView.com<\/a><\/pre>\n
The previous resistance near $11,650 is likely to act as a strong support<\/a>. The next major support is near the $11,550 level. It is also close to the 50% Fib retracement level of the recent recovery wave from the $11,349 low to $11,825 high.<\/p>\n
Any further losses could push the price back into a bearish zone below $11,550. In the mentioned case, it could revisit the $11,350 support in the near term.<\/p>\n
Fresh Increase in BTC?<\/h2>\n
If bitcoin stays above the $11,650 support and the 100 hourly SMA, it could bounce back and climb higher. An initial resistance on the upside is near $11,800.<\/p>\n
The first major resistance is near the $11,850 level, above which the bulls are likely to aim a test of the $12,000 barrier in the coming sessions.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly gaining momentum in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level, with a bearish angle.<\/p>\n
Major Support Levels \u2013 $11,650, followed by $11,550.<\/p>\n
Major Resistance Levels \u2013 $11,850, $12,000 and $12,200.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started an upside correction from the $11,350 support against the US Dollar. BTC is currently declining, but it could bounce back as long as it is above $11,650 or $11,550. Bitcoin formed a high near $11,825 and it is currently correcting lower. The price is testing a key support near $11,650 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $11,710 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair must stay above the $11,650 and $11,550 support levels to climb higher towards $12,000. Bitcoin Price Testing Crucial Support Yesterday, we saw a decent upside correction in bitcoin price above the $11,650 resistance against the US Dollar. BTC even surpassed the $11,700 level and settled above the 100 hourly simple moving average. The price struggled to gain momentum above the $11,800 level and a high is formed near $11,825. Bitcoin is currently correcting lower and trading below $11,750. There was a break below the 23.6% Fib retracement level of the recent recovery wave from the $11,349 low to $11,825 high. Moreover, there was a break below a major bullish trend line with support near $11,710 on the hourly chart of the BTC\/USD pair. The pair is now testing a key support near $11,650 and the 100 hourly simple moving average. Bitcoin price trades below $11,800. Source: TradingView.com The previous resistance near $11,650 is likely to act as a strong support. The next major support is near the $11,550 level. It is also close to the 50% Fib retracement level of the recent recovery wave from the $11,349 low to $11,825 high. Any further losses could push the price back into a bearish zone below $11,550. In the mentioned case, it could revisit the $11,350 support in the near term. Fresh Increase in BTC? If bitcoin stays above the $11,650 support and the 100 hourly SMA, it could bounce back and climb higher. An initial resistance on the upside is near $11,800. The first major resistance is near the $11,850 level, above which the bulls are likely to aim a test of the $12,000 barrier in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level, with a bearish angle. Major Support Levels \u2013 $11,650, followed by $11,550. Major Resistance Levels \u2013 $11,850, $12,000 and $12,200.<\/p>\n","protected":false},"author":67,"featured_media":436127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-436125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Trading Near Inflection Point: Here\u2019s Why $11,650 Holds The Key<\/title>\n<meta name=\"description\" content=\"Bitcoin price started an upside correction from the $11,350 support. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Trading Near Inflection Point: Here\u2019s Why $11,650 Holds The Key","url":"http:\/\/uniquehot.com\/news\/bitcoin-trading-near-inflection-point\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-trading-near-inflection-point\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/08\/shutterstock_127419983.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/08\/shutterstock_127419983.jpg?fit=1000%2C769"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-08-25T04:08:36Z","datePublished":"2020-08-25T04:08:36Z","dateModified":"2024-06-11T07:14:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Trading Near Inflection Point: Here\\u2019s Why $11,650 Holds The Key\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-trading-near-inflection-point\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-trading-near-inflection-point\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/shutterstock_127419983.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/08\\\/shutterstock_127419983.jpg?fit=1000%2C769\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-08-25T04:08:36Z\",\"datePublished\":\"2020-08-25T04:08:36Z\",\"dateModified\":\"2024-06-11T07:14:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/08\/shutterstock_127419983.jpg?fit=1000%2C769","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/436125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=436125"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/436125\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/436127"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=436125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=436125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=436125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}