BTCUSD Bounce underway
Bitcoin has staged a strong bounce from the $55,000 area as traders bought the pioneer cryptocurrency after the FOMC policy meeting. Bulls need to anchor the BTCUSD pair above the $58,300 level in order to activate a large inverted head and shoulders pattern. Traders should be aware that the pattern is indicating that Bitcoin could stage a coming rally towards the $65,500 area.
The BTCUSD pair is only bullish while trading above the $55,000 level, key resistance is found at the $58,300 and the $61,800 levels.
If the BTCUSD pair trades below the $55,000 level, sellers may test the $53,000 and $50,000 levels.