BTCUSD recovery possible
Bitcoin is starting to recover higher on Wednesday after finding solid technical support from just above the $7,600 level on Monday. Going forward, bulls need to maintain price above the BTCUSD pairs 200-day moving average, at $8,660 to encourage new technical buying. A large bullish inverted head and shoulders pattern still remains valid across the lower time frames.
The BTCUSD pair is only bullish while trading above the $8,600 level, key resistance is found at the $9,000 and the $9,200 levels.
If the BTCUSD pair trades below the $8,600, sellers may test the $8,000 and $7,600 support levels.