BTCUSD recovery above $9,200
Bitcoin continues its recent recovery as intraday risk sentiment in broader financial markets is starting to become more positive. BTCUSD bulls now need to rally price through the $9,450 level to encourage a test of the $9,780 resistance area. Traders should note that a head and shoulders pattern, with a $1,000 downside projection, remains valid while price trades under the $10,400 level.
The BTCUSD pair is only bullish while trading above the $9,200 level, key resistance is found at the $9,450 and the $9,780 levels.
If the BTCUSD pair trades below the $9,200 level, sellers may test the $8,900 and $8,700 support levels.