BTCUSD pattern unfolding
Bitcoin is starting to push lower in early Wednesday trade after the buyers failed to gain traction above the $7,300 level earlier this week. A bearish head and shoulders pattern remains valid on the lower time frames while price trades below the $7,800 level. Overall, traders may use any pullbacks in price as a chance to short the BTCUSD pair, with the $6,600 level the near-term goal.
The BTCUSD pair is only bullish while trading above the $7,300 level, key resistance is located at the $7,450 and $7,850 levels.
If the BTCUSD pair trades under the $7,300 level, sellers may test towards the $7,000 and $6,600 support levels.