BTCUSD MAY BE FORMING A HEAD AND SHOULDERS
Bitcoin remains under downside pressure on Thursday, with the number one cryptocurrency briefly slipping below the $7,400 level. The BTCUSD pair may be in the process of forming a complex head and shoulders pattern, with the neckline located around the $7,150 level. Buyers need to recover price back above the $7,730 level, while sellers will look to break the $7,150 support level.
The BTCUSD pair is bearish while trading below the $7,730 level, key technical support is found at the $7,400 and $7,150 levels.
If the BTCUSD pair moves back above the $7,730 level, price may correct back towards the $7,850 and $8,000 resistance levels.