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
-637324163678134018.png)
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.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
