Bitcoin (BTC) dropped like a stone after a failed attempt to clear the local resistance created by 1-hour SMA100 at $11,650. At the time of writing, BTC/USD is changing hands at $11,460 and the downside momentum is gaining traction. The coin has lost over 2.5% since the start of the day, more sell-off ahead, unless the price manages to recover above $11,500 (upper line of 30-min Bollinger Band) in the nearest future.
On the downside, the local support is created by $11,400. Once it gives way, August 22 low at $11,370 will come into focus. This barrier reinforced by the lower line of the daily Bollinger Band should slow down the sellers and trigger the recovery.
BTC/USD 1-hour chart
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