BTCUSD Bearish pattern invalidated
Bitcoin has broken strongly to the upside on Friday, staging a $8,000 directional move from the lows of the trading week, around $29,000. The latest move higher has helped to invalidated a head and shoulders pattern on the lower time frame. Technical analysis shows that the size of the invalidated head and shoulder could send the BTCUSD pair towards the $40,000 level next.
The BTCUSD pair is only bullish while trading above the $33,000 level, key resistance is found at the $38,000 and the $40,000 levels.
If the BTCUSD pair trades below the $33,000 level, sellers may test the $30,000 and $29,000 levels.