RATE Group | Bitcoin nearing technical support level
57921
post-template-default,single,single-post,postid-57921,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin nearing technical support level

13 Aug Bitcoin nearing technical support level

Posted at 14:32h in Bitcoin News by

[ad_1]

 

  • BTC/USD (4-hour) stalls ahead of the 11,120.00 support level.

  • Indicators are showing bearishness is ahead. 

  • Despite general USD weakness today cryptocurrencies fail to capitalize. 
     

On the upside, there is resistance level at 11,500.00 that would need to be taken out for the bulls to take a run at the old highs. If you look slightly closer at the swings on the stochastic indicator you can see it entered the oversold territory while the price maintained its uptrend. This is called a failure swing and normally indicates upside momentum. 

There has been some hesitation surrounding price action which is due to the postponement of the SEC decision to delay the ruling to approve or reject the Van Eck ETF proposal. Looking ahead keep an eye on the key levels as they could give us an indication of the future path of the cryptocurrency.

Ahead of the US and Asia crypto sessions BTC/USD has stalled just ahead of the 11,120.00 support area….

[ad_2]

Source link

Tags:
, , , ,