Bitcoin Dips Below $11K Leaving Bulls on Shaky Ground
Having failed to scale a major resistance level on Monday, bitcoin (BTC) fell below the $11,000 mark soon before press time.
CoinDesk's Bitcoin Price Index (BPI) rose to an intraday high of $11,660 yesterday, yet closed the day (as per UTC) below the inverse head-and-shoulders neckline resistance of $11,600. The failure to hold above the critical resistance has not gone down well with the market as the cryptocurrency fell to a low of $10,890 today.
The rejection at the inverse head-and-shoulders neckline resistance and today's break below $11,000 look to have weakened the bull case on the technical charts, and a major positive move looks increasingly unlikely in the short-term.
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https://www.coindesk.com/bitcoin-dips-below-11k-leaving-bulls-on-shaky-ground/