Bitcoin is trading is at a critical juncture over the short and medium-term, following yesterday’s bearish reversal towards the $11,100 level. Technical analysis shows that the BTCUSD pair may advance back towards the $11,600 level if the $11,100 level continues to hold firm. To the downside, a breakout under the $11,100 support level could provoke a major sell-off towards the $10,100 level.
The BTCUSD pair is only bullish while trading above the $11,380 level, key resistance is found at the $11,600 and the $12,000 levels.
If the BTCUSD pair trades below the $11,380 level, sellers may test the $11,100 and $10,500 levels.
