BTCUSD Testing support

Bitcoin is attempting to recover higher on the cryptocurrency market on Thursday after briefly dropping below the $29,000 support level. Technical analysis shows that the BTCUSD pair is starting to form a large head and shoulders pattern across the lower time frames. The pattern suggests that a breakout under the $29,000 support level could cause the BTCUSD pair to tumble towards the $25,000 level.

• The BTCUSD pair is only bullish while trading above the $33,000 level, key resistance is found at the $34,000 and the $35,000 levels.

• If the BTCUSD pair trades below the $33,000 level, sellers may test the $29,000 and $27,000 levels.