- BTC/USD is range-bound during early Asian hours.
- The recovery from the recent lows is painfully slow.
BTC/USD touched the area below $11,000 for the first time since July 6. While the first digital coin managed to regain some ground, the upside momentum is still non-existent. BTC/USD is mostly unchanged both on a day-on-day basis and since the beginning of Friday, changing hands at $11,450 at the time of writing.
Recently US President Donald Trump expressed a critical view towards Bitcoin and Libra, echoing the views aired earlier by the head of the Federal Reserve Bank Jerome Powell. The FED’s chairman said that Libra raises a lot of concerns that must be addressed.
Bitcoin’s technical picture
Looking technically, BTC/USD should recover above $11,700 (this barrier is created by a confluence of SMA50 and SMA100 on 4-hour timeframe, and SMA200 on 1-hour chart) to mitigate the short-term bearish pressure and allow for an extended recovery towards $12,000. This psychological barrier is closely followed by $12,100 (SMA100 1-hour and the middle line of 4-hour Bollinger Band). A sustainable move below this area will open up the way towards $13,000.
On the downside, the critical support lies at psychological $11,000. A sustainable move lower will increase the downside pressure and push the price towards $10,400 (SMA200, 4-hour, the lower boundary of the 1-day Bollinger Band).
BTC/USD, 4-hour chart