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Bitcoin Technical Analysis: BTC/USD suffers a sudden 2% drop towards $11,000

FX Street
Updated:
  • BTC/USD lost a significant area of support on the 1-hour chart.
  • Bitcoin dropped from $11,738 to $11,458 in minutes but managed to recover.

Bitcoin is currently trading at $11,623 after an attempt by the bears to take Bitcoin down to $11,000. The move happened in less than one hour after Bitcoin dropped below $11,650 and $11,578, important support levels on the hourly chart. 

BTC/USD 1-hour chart

BTCUSD

Bitcoin had 3 major support levels on the 1-hour chart, the first at $11,650, the second at $11,578, and the third at $11,545. The sudden drop broke all three levels but got no continuation and bulls managed to bounce back up from $11,477 to $11,633. Currently, the 1-hour chart has formed a bear flag. 

The 12-EMA and the 26-EMA crossed bearishly right before the notable spike.

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