RATE Group | Bitcoin (BTC) Price At Risk Of More Downsides Below $11,200
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Bitcoin (BTC) Price At Risk Of More Downsides Below $11,200

12 Aug Bitcoin (BTC) Price At Risk Of More Downsides Below $11,200

Posted at 07:01h in Bitcoin News by

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  • Bitcoin price is currently under pressure below the $11,600 resistance against the US Dollar.
  • The price could slide sharply if there is a break below the $11,200 support area.
  • There is a major bearish trend line forming with resistance near $11,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price might correct higher, but upsides are likely to be capped near $11,600 and $11,700.

Bitcoin price is trading in a bearish zone below $11,800 against the US Dollar. BTC price remains at a risk of more losses below the $11,200 support level in the near term.

Bitcoin Price Analysis

This past week, bitcoin price topped near the $12,325 level against the US Dollar. The BTC/USD pair started a strong downside correction and traded below the $11,500 support. There was a close below the $11,800 pivot level and the 100 hourly simple moving average. Finally, the price tested the $11,200 support area and a swing low was formed at $11,096.

At the moment, the price is currently losses…

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