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Over the last 48 hours, Bitcoin price has broken support at $11,000 mentioned in my previous analysis and has since dropped back to support around $10,100. High selling volume indicates further downside over the coming days.

On the 2 hour chart for XBT/USD, we can see support above $11,000 has been broken convincingly with a clear increase in selling momentum. Bears are in control of the short-term price action as price levels approach key support between $10,170, and $9,890. 50 MA and 200 EMA have yet to cross down over each other meaning a bounce could happen beforehand resulting in a continuation of the bullish short-term trend.

Overhead resistance around $11,100 stemming from the yearly high around $14,000 is the main resistance point to look out for if price levels do proceed to bounce. If this resistance point is broken price levels will likely re-test the yearly high.

There’s a chance BTC will make a new lower low over the coming days and weeks to put fear into long traders before the real breakout of the overhead resistance mentioned. It’s likely $8,100 will be the lower low region. 0.5 Fibonacci level at $9,400 is also a key support area to look out for however, it’s much more likely that Bitcoin price will create a lower low.

On the 30 minute chart for XBT/USD, we can see the small rising support level around $11,100 that has recently broken. This break-down was met with clear selling pressure indicating bulls are no longer in control of the short-term trend.

POC has yet to move down and still sits at the previous asymmetrical triangle break-down point at $11,700. If this POC doesn’t move down over the coming days it’s increasingly likely that a bounce will occur.

The medium-term bitcoin price trend is still very much bullish, it’s important to not let short-term bearish price action to cloud judgment. As long as $8,100 region holds the current market price action is merely required volatility in order to sustain such bullish momentum that took price levels to $14,000 from the depths of $3,000.

Selling momentum will need to come to a halt with a clear influx of bullish volume for a bounce to occur. Key support levels to look out for during a continuation of the short-term pullback is $10,100, $9,800, $9,450, $8,800 and $8,100. If the last support level is broken the trend is no longer bullish and will be hard to gauge re-entry points.

Do you think Bitcoin price will create a lower low over the coming days? Please leave your thoughts in the comments below!

The post Bitcoin Price Analysis: BTC Breaks $11,000 Support appeared first on Bitcoinist.com.

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