Bitcoin, Ethereum and Ripple Crashed: Half Billion Dollars Steamed! Here are the Next Levels

Bitcoin (BTC) price started a sharp decline from the $ 12,000 resistance against the US dollar. Altcoins fell hard with Bitcoin. At the time of writing, Bitcoin changes hands at $ 11,328, with a loss of over 4 percent. Ripple and Ethereum are trading at $ 0.27 and $ 434, respectively, with losses of over 8 percent. With this decrease, the position worth $ 657 million has been liquidated in the last 24 hours. According to popular analyst Aayush Jindal, BTC needs to stay above $ 11,200 and $ 11,000 to stay in the positive zone.

• Bitcoin failed to break above the $ 12,000 resistance level and began a sharp decline.
• The price dropped over 5% and broke the $ 11,500 support and the 100 hourly simple moving average.
• There was a break below a major bullish trend line with support near $ 11,640 on the hourly chart of the BTC / USD pair (data feed from Kraken).
• The pair is currently consolidating losses around $ 11,300 and could revisit the $ 11,200 support zone, according to the analyst.

Bitcoin price dropped below $ 11,500! Here’s what happened …

Yesterday, we saw a significant rejection of over $ 12,000 in Bitcoin price against the US dollar . BTC approached the $ 12,065 level and started a sharp decline. The bears managed to cross the $ 11,650 and $ 11,500 support levels to trigger a major decline. The price even broke the $ 11,350 zone and fell below the 100 hourly simple moving average. There was also a break below a major bullish trend line with support near $ 11,640 on the hourly chart of the BTC / USD pair.

The pair tested the $ 11,200 support and formed a low near $ 11,186. Then a recovery wave started from the low of $ 11,186. Bitcoin price rose above the $ 11,350 level. It even rose above the 23.6% Fib retracement level of the last drop. The bulls are currently struggling to push the price above the $ 11,450 and $ 11,500 levels.

Here are the critical levels that Bitcoin can test in the coming sessions.

The next major resistance is near the $ 11,650 level and the 100 hourly simple moving average, according to the analyst. The 50% Fib retracement level of the last decline is near the $ 11,625 level. According to the analyst, a successful break above the $ 11,500 level followed by a follow-up move above $ 11,650 is essential for a new upward move in the near term.

If bitcoin price struggles to clear the $ 11,500 resistance, it may continue to decline. The first key support for the bulls is near the $ 11,200 level, according to the analyst. The next big support is near the $ 11,000 zone. Below these levels, the bears are likely to target a larger drop (could be towards the $ 10,500 level).

Current view of Bitcoin price with technical indicators

Hourly MACD: The MACD for BTC / USD is struggling to gain momentum in the bullish zone.

Hourly RSI (Relative Strength Index): The RSI for BTC / USD is falling and below the 40 level.

Major Support Levels: $ 11,200 followed by $ 11,000.

Major Resistance Levels: $ 11,500, $ 11,550 and $ 11,650.