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The global cryptocurrency market remained depressed into today’s session as the market shed another $11 billion.
It appears that Bitcoin has now slipped below an ascending channel that has been prevailing for close to a month now on our 4-hour chart. The base of the channel, which was a former support level, has now turned into a resistance for BTC to defeat before reaching $12k again.
Key Levels to Watch
As mentioned above, BTC continues to struggle beneath the channel resistance around $11,890. Bulls have to push the benchmark cryptocurrency back into the channel before panic selling is triggered.
Immediate support can be found at the 100 simple moving average ($11,744), where Bitcoin should be able to find a good bounce if it drops further in the near-term.
A continuation in decline should activate the $11,650 support and subsequently the $11,400 level. Finally, the last safety net for bulls is the $11,000 psychological line. A break below that level could trigger a massive sell-off.
On the flip side, the first line of defense is the 21 simple moving average ($11,966) and subsequently the $12k mark. Next up is the $12,100 followed by the 12,350.
On our MACD indicator, we can see that Bitcoin is building up steam to attempt the $12k level once again.
Total market capital: $373 billion
Bitcoin market capital: $219 billion
Bitcoin dominance: 58.7%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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