TA: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $11.5K

TA: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $11.5K


Bitcoin price is consolidating in a range below the $11,500 resistance against the US Dollar. BTC could start a substantial decline if it breaks the $11,230 support zone.

Bitcoin is struggling to gain traction above the $11,500 and $11,520 resistance levels. The price is currently trading below $10,400 support and the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $11,480 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 $11,230 and $11,200 support levels. Bitcoin Price Consolidating Gains

In the past three sessions, there were mostly range moves in bitcoin price below the $11,560 and $11,500 resistance levels. It seems like BTC made two attempts to surpass the $11,560 level, but it failed to gain bullish momentum.

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The last swing high was near $11,560 before the price declined below $11,400. It traded as low as $11,302 and

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