Bitcoin Technical Analysis: BTC/USD suffers a sudden 2% drop towards $11,000
|- BTC/USD lost a significant area of support on the 1-hour chart.
- Bitcoin dropped from $11,738 to $11,458 in minutes but managed to recover.
Bitcoin is currently trading at $11,623 after an attempt by the bears to take Bitcoin down to $11,000. The move happened in less than one hour after Bitcoin dropped below $11,650 and $11,578, important support levels on the hourly chart.
BTC/USD 1-hour chart
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Bitcoin had 3 major support levels on the 1-hour chart, the first at $11,650, the second at $11,578, and the third at $11,545. The sudden drop broke all three levels but got no continuation and bulls managed to bounce back up from $11,477 to $11,633. Currently, the 1-hour chart has formed a bear flag.
The 12-EMA and the 26-EMA crossed bearishly right before the notable spike.
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