Bitcoin Price Faces Struggle to Hold Above $11K After Range Breakdown
- Bitcoin’s short duration charts indicate the bears are in control and prices could drop below $11,000 in the next 24 hours.
- A strong bounce from the 5- and 10-week moving averages at $10,804 and $10,625, respectively, could fuel a rise back to $12,000.
- A high-volume weekly close (Sunday, UTC) or a back-to-back daily close above $12,000 is needed to revive the bullish outlook.
Bitcoin (BTC) could drop below $11,000 in the next 24 hours, after sellers took victory in a four-day-long tug of war with the bulls.
The top cryptocurrency’s trading range had tightened in the four days to Aug. 9, with prices printing lower highs above $12,000 and higher lows in the range of $11,200 to $11,650.
That contracting triangle pattern represented a stiff battle between the bulls and the bears, as well as bullish exhaustion following a 35 percent rally from July 28 lows near $9,100.
A range breakout would have meant a continuation of the uptrend. Prices, however, dived out of the narrowing price range on Saturday, confirming victory for the bears.
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