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“These Levels Can Be Seen Before A New Increase!”: Here’s Bitcoin Target Levels

Bitcoin is trying to gain momentum above the $ 11,200 level against the US dollar.

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“These Levels Can Be Seen Before A New Increase!”: Here’s Bitcoin Target Levels

According to popular analyst Aayush Jindal, BTC is currently correcting at lower levels and can test $ 10,700 before a new increase.

  • Bitcoin shows a sign of a downside correction below the $ 11,200 level.
  • The price is likely to find a strong buying interest near the $ 10,700 level.
  • There was a break below a critical bullish trend line on the hourly chart of the BTC / USD pair (data flow from Kraken) with support near $ 10,900.
  • According to the analyst, the pair may start a new increase as long as it is above $ 10,700 and $ 10,300.

Analyst: Bitcoin price could test $ 10,700 before a new increase

After an upside correction of $ 11,400, Bitcoin found support near the $ 10,700 level against the US dollar. BTC offered above the $ 10,700 level and the 100 hourly simple moving average. The price went above $ 11,000 but struggled to gain strength above the $ 11,200 level. There is a high level around $ 11,195, and the price is currently lower. 

Bitcoin Price Charts
Bitcoin Price Charts
Bitcoin price is over $ 10,000 – Source: TradingView.com

Leading cryptocurrency traded below the $ 11,100 and $ 11,000 levels. There was a break below a critical bullish trend line with support near $ 10,900 on the hourly chart of the BTC / USD pair. The pair is currently testing the 50% Fib retracement level of the move from $ 10,599 to $ 11,195.

Here are the levels and pivot points that Bitcoin price can see today

The next major support is near the $ 10,820 level, according to the analyst. The price rose to the 61.8% Fib retracement level of the last upward move. The main support is near the $ 10,700 level, according to the analyst. According to a successful closing analyst below the $ 10,700 level, it may cause an extended drop. According to the analyst in question, the price is likely to test the $ 10,300 support zone.

A Rapid Falling Bitcoin Price Can Be Compared According To These 3 Items
Bitcoin news

When the current correction wave is complete, it is likely that the price of Bitcoin will continue its upward movement above $ 11,000. According to the first major resistance analyst, it is near the $ 11,200 level. According to the analyst, a successful close above the $ 11,200 level is needed to start a new increase. Increasingly, the next major resistance is near the $ 11,400 and $ 11,500 levels. Subsequent gains could open the doors to push the price towards the main resistance level of $ 12,000 in the near term, according to the analyst.

Current view of Bitcoin price with technical indicators

Hourly MACD: For the BTC / USD pair, MACD is currently gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index): The RSI for BTC / USD is now correcting towards the 50 level.

Major Support Levels: $ 10,700 followed by $ 10,300.

Major Resistance Levels: $ 11,200, $ 11,400 and $ 11,500.

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