BTCUSD bulls beware
Bitcoin has opened the trading week above the $8,000 level after selling failed to build on last Friday’s losses below the $7,900 level. The BTCUSD pair faces a major challenge moving back towards its 200-day moving average, with the $8,500 level interim resistance. Overall, bulls must be cautious today as a head and shoulders pattern is present on the lower time frames.
The BTCUSD pair is only bullish while trading above the $8,500 level, key resistance is located at the $8,810 and $9,100 levels.
If the BTCUSD pair trades under the $8,500 level, sellers may test towards the $7,900 and $7,300 support levels.