Bitcoin is currently under pressure below the $ 11,600 resistance to the US Dollar. The price may drop sharply if there is a break below the $ 11,200 support area. The BTC / USD pair is on a significant downward trend, showing resistance around the $ 11,700 on the hourly chart. The price may also rise to higher levels. However, the increases are likely to be around $ 11,600 and $ 11,700.
Over the past week, the bitcoin price rose to $ 12,325 against the US dollar. The BTC / USD rate began to experience a strong negative correction and traded below the $ 11,500 support. There was a drop below the $ 11,800 pivot level and below the 100-hour simple moving average. Finally, the price tested the $ 11,200 support area and fell to $ 11,096.
Currently, the price is currently above $ 11,400. In addition, the downward movement saw a break above the 23.6% Fib retreat, dropping from $ 11,975 to $ 11,096. However, the upward movement faces obstacles near the $ 11,500 and $ 11,550 levels. In addition, the 50% Fib retreat of the downward movement shows a low resistance from $ 11,975 to $ 11,096.
Looking at the graph, the bitcoin price is trading in a downtrend below the $ 11,600 and $ 11,700 resistance levels. Therefore, under the $ 11,200 and $ 11,000 support, there is a risk of going down further.