TA: Bitcoin Could Start A Major Correction If it Closes Below $11,200

TA: Bitcoin Could Start A Major Correction If it Closes Below $11,200


Bitcoin price is still struggling to gain bullish momentum above $11,500 against the US Dollar. BTC could start a major downside correction if it breaks $11,200 and the 100 hourly SMA.

Bitcoin is struggling to settle above the $11,500 and $11,520 resistance levels. The price is currently trading just above the $10,400 support and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $11,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a strong downside correction if it breaks the 100 hourly SMA and then $11,200. Bitcoin Price Lacks Bullish Momentum

After trading to a new monthly high at $11.724, bitcoin price started a downside correction against the US Dollar. BTC broke the $11,520 and $11,500 support levels to move into a short-term bearish zone.

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The price tested the $11,300 zone and remained well bid above the 100 hourly simple moving average. A

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