Bitcoin is starting to appear bearish in the short-term horizon, following another upside rejection from the $11,800 technical area. The BTCUSD may start to test towards the $11,100 level over the coming trading session if the $11,380 support area is breached. A bearish head and shoulders pattern is warning that the BTCUSD pair could decline towards the $10,500 area if the $11,100 level is broken.
The BTCUSD pair is only bullish while trading above the $11,380 level, key resistance is found at the $11,800 and the $12,4000 levels.
If the BTCUSD pair trades below the $11,380 level, sellers may test the $11,100 and $10,500 levels.
