Bitcoin has staged a quick reversal back under the $7,000 level after staging a quick breakout towards the $7,300 resistance area. Failure to move above the $7,300 level could result in the BTCUSD pair forming a large head and shoulders pattern across the lower time frames. A sustained break above the $7,300 level could see the BTCUSD pair starting to rally towards the $7,800 level.
The BTCUSD pair is only bullish while trading above the $6,700 level, key resistance is found at the $7,300 and the $7,800 levels.
If the BTCUSD pair trades below the $6,700, sellers may test the $6,500 and $6,200 support levels.
