BTCUSD $11,600 still key
Bitcoin has staged a minor short-term rally, with the cryptocurrency advancing towards the $11,800 resistance area. Technical analysis shows that BTCUSD bulls need to maintain price above the $11,600 level for further gains towards the $12,000 area. The wider picture shows that the next major directional move in BTCUSD should take place once price breaks from a well-defined triangle pattern.
The BTCUSD pair is only bullish while trading above the $11,600 level, key resistance is found at the $12,100 and the $12,400 levels.
If the BTCUSD pair trades below the $11,600 level, sellers may test the $11,400 and $11,100 levels.