BTCUSD Pattern forming
Bitcoin appears increasingly bullish in the short-term, as the pioneer cryptocurrency continues to hold above the $10,500 support area. Technical analysis shows that if the BTCUSD pair reaches the $11,200 level then a bullish pattern with a $1,000 upside projection will form. On an intraday basis, BTCUSD bulls need to anchor price above the $10,800 level to encourage technical buying.
The BTCUSD pair is only bullish while trading above the $10,800 level, key resistance is found at the $11,200 and the $11,400 levels.
If the BTCUSD pair trades below the $10,800 level, sellers may test the $10,550 and $10,200 levels.