Crypto Technicals: BTC/USD retraces from 17-month high at 13868, slips below 12,000 mark, minor correction to ensue

BTC/USD chart - Trading View

Exchange - Coinbase

Support: 11,676 (5-DMA); Resistance: 13,488 (61.8% Fib)

Technical Analysis: Major trend - Bullish, Minor trend - turning slightly bearish

U.S. exchange provider Coinbase experienced a brief outage Wednesday at around 20:00 UTC.

Volatility ruled Bitcoin’s price which briefly plunged over $2,000, but quickly recovered to close at 12927.

The pair is showing signs of cooling today after the meteoric rise evidenced since the beginning of the month.

From lows of 7427 (as on June 4th trade), the pair hit 13868 (on June 26th), over 86% gains.

Oscillators are in highly oversold territory and starting to show a turn lower. Rollover into neutral territory could see some downside pressure on prices.

BTC/USD slipped below 12,000 mark and is trading 8.22% lower at 11,888 at 11:23 GMT, paring some losses from session lows at 11,301.

Major trend still remains bullish. Price action is finding support at 2H 55-EMA at 11,640.

Decisive break below will see dip till 200H SMA at 10,722. Violation at 200H SMA eyes 21-EMA at 9977.

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