- Bitcoin sees strong sales from the charts on Saturday.
- The bears come back amid a rising wedge break on the hourly chart.
- Healthy support awaits at levels of $ 11,420, with a bearish RSI.
Bitcoin (BTC / USD) sellers are making a comeback and showing this Saturday, breaking the observed consolidation around $ 11,550. The most favorite crypto coin reverses part of Friday’s rebound, after being rejected just below the $ 11,600 mark. Bitcoin posts small losses to trade around 11,460, at press time. The market cap of the # 1 digital asset is $ 212.57 billion.
BTC / USD: hourly chart
As observed in the hourly chart, BTC / USD plotted an ascending wedge split over the past hour after breaking below the critical cushion at $ 11,535 / 530, the confluence of the uptrend line support and the the 200-hour simple moving average (HMA).
Sell pressure intensifies on the bearish breakout, as price broke through 21-HMA support at $ 11,507, falling as low as $ 11,440.
Despite the rapid fall, the bulls managed to stay above the next strong support at $ 11,420, which is the convergence of the horizontal 50 and 100-HMA.
A break below the latter will require a test of target levels below $ 11,200.
Meanwhile, any pullback will encounter initial resistance at 21-HMA, the old support.
Acceptance above this level, the bulls will be looking to reclaim the fierce cap of $ 11,535. The path of least resistance appears to be bearish, however, as the Relative Strength Index (RSI) remains in the bearish region at 44.20, indicating further losses.