Bitcoin remains under selling pressure in the near-term as the number one cryptocurrency fails to rally back above the $10,500 resistance level. A bearish head and shoulders pattern on both the lower and higher time frames have been activated during the latest decline. Overall, the bearish price pattern is projecting that the BTCUSD pair could fall towards the $9,600 area.
The BTCUSD pair is only bullish while trading above the $10,800 level, key resistance is found at the $11,100 and the $11,300 levels.
If the BTCUSD pair trades below the $10,800 level, sellers may test the $10,000 and $9,600 levels.
