Bitcoin has recovered towards the $11,500 level, as traders prepare for the upcoming Jackson Hole speech from FED Chair Powell. Technical analysis shows that the BTCUSD pair is likely to stage a powerful technical breakout once the $11,100 to $11,800 price range is breached. Traders should be aware that the $10,400 area is seen as a possible downside target if the price moves under the $11,100 level.
The BTCUSD pair is only bullish while trading above the $11,380 level, key resistance is found at the $11,800 and the $12,000 levels.
If the BTCUSD pair trades below the $11,380 level, sellers may test the $11,100 and $10,400 levels.
