Bitcoin has opened the new trading week under pressure after the number one cryptocurrency posted a large bearish reversal candle. A bearish head and shoulders pattern is warning that Bitcoin could suffer a heavy decline towards the $10,000 support zone. BTCUSD traders should be aware that the $11,100 level is the major directional pivot point to pay attention to this week.
The BTCUSD pair is only bullish while trading above the $11,100 level, key resistance is found at the $12,000 and the $12,50 levels.
If the BTCUSD pair trades below the $11,100 level, sellers may test the $10,400 and $10,000 levels.
