This morning, bitcoin (BTC) dropped below the 100-hourly Moving Average (MA) and the support at around $ 11,000. However, the course managed to get above these two lines again. The technical indicators for the medium term, however, signal a possible further decline.
At the time of writing, the price of bitcoin (BTC) is $ 11,210 according to CoinMarketCap after a drop of 4.99% in the last 24 hours. Bitcoin has thus increased in value since this morning, but continues to trade close to $ 11,000.
The rest of the cryptomarket is also still seeing red figures. The largest descender among the altcoins in the top 10 is ripple (XRP) . With a value of $ 0.3818, that altcoin is almost 4.1% in the minus.
The Moving Average Convergence Divergence (MACD) shows a bearish signal on the 4-hour graph . The two lines of the indicator are about to make a bearish crossover but are also about to end up in the negative area.
For the bulls, it is now a matter of overcoming the $ 11,200. In addition, the important resistance is at $ 11,500. If the price continues to fall, traders should keep an eye on the $ 10,600 and below that $ 10,000. The race has encountered resistance and support a number of times before.
For the shorter term it is in any case positive that bitcoin is again above 100-MA. However, it is now important that the price again exceeds the 200-MA on the hourly graph in order to realize further increases.