BTCUSD Pivot rejection
Bitcoin is once again under selling pressure after being rejected from its monthly pivot point, just above the $11,550 resistance level. Technical analysis shows that a bearish head and shoulders pattern informing, which could take the BTCUSD pair down towards the $11,000 level. Due to the overall bullish short and medium-term trend, strong dip-buying is expected towards the $11,000 area.
The BTCUSD pair is only bullish while trading above the $11,100 level, key resistance is found at the $11,550 and the $11,700 levels.
If the BTCUSD pair trades below the $11,100 level, sellers may test the $11,000 and $10,800 levels.