Bitcoin is attempting to recover higher after briefly slipping below the pivotal $50,000 level due to a big sell-off in global equity markets. The one-hour time frame appears to show that the BTC pair is starting to form a large inverted head and shoulders pattern. According to the size of the pattern the BTCUSD pair could rally towards the $60,000 area if the $52,000 resistance level is broken.
The BTCUSD pair is only bullish while trading above the $47,500 level, key resistance is found at the $52,000 and the $55,000 levels.
If the BTCUSD pair trades below the $47,500 level, sellers may test the $45,500 and $44,000 levels.
