Bitcoin Rebound Facing Resistance: More Downsides On The Cards?

After correcting towards the $10,400 support, bitcoin price recovered above $11,000 against the US Dollar.
The price broke the $11,800 resistance, but it faced a strong resistance near the $12,400 level.
There was a break below an ascending channel with support near $11,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might decline further towards the $11,000 before it could start a fresh increase.Bitcoin price started a decent recovery above $11,800 against the US