Bitcoin Price Analysis: BTC Breaks $11,000 Support

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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. Bitcoin 2-Hour Price Analysis 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…

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