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.
The last swing high was near $11,560 before the price declined below $11,400. It traded as low as $11,302 and it is currently correcting higher. There was a break above the $11,350 level, plus the 23.6% Fib retracement level of the recent decline from the $11,560 high to $11,302 low.
However, bitcoin is still trading below $10,400 support and the 100 hourly simple moving average. An immediate resistance is near the $11,430 level since it is close to the 50% Fib retracement level of the recent decline from the $11,560 high to $11,302 low.
<img alt="Bitcoin Price" class="alignnone size-full wp-image-446508" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px" data-src="https://www.cointelegraph.com.au/wp-content/uploads/2020/10/Bitcoin-12-4.png" data-srcset="https://www.cointelegraph.com.au/wp-content/uploads/2020/10/Bitcoin-12-4.png 1828w, https://www.newsbtc.com/wp-content/uploads/2020/10/Bitcoin-12-460×218.png