Bitcoin is under slight downside pressure on Monday after bulls failed to break the $12,000 resistance level over the weekend. Short-term technical analysis shows that Bitcoin is set for an explosive, due to the presence of an ascending triangle pattern. Bitcoin could stage a $1,000 move once we see price break the triangle, which is located between the $11,400 and $12,000 levels.
The BTCUSD pair is only bullish while trading above the $11,400 level, key resistance is found at the $12,000 and the $12,400 levels.
If the BTCUSD pair trades below the $11,400 level, sellers may test the $11,000 and $10,600 levels.
