Bitcoin is once back under heavy selling pressure, due to an increase in riks-off trading sentiment and strength in the US dollar currency. A bearish head and shoulders pattern has formed on the lower time frames and is warning of a coming decline towards the $10,200 area. A sustained break under the $10,750 level is required to activate the bearish reversal pattern.
The BTCUSD pair is only bullish while trading above the $10,750 level, key resistance is found at the $11,000 and the $11,200 levels.
If the BTCUSD pair trades below the $10,750 level, sellers may test the $10,400 and $10,200 levels.
