Bitcoin has started to come under slight downside pressure, following news that India is starting to consider banning cryptocurrencies. A bearish head and shoulders pattern is in play and is predicting a potential price drop towards the $57,000 support area. Daily price closes around the BTCUSD pairs former all-time high, around $58,350, which is going to be key going forward.
The BTCUSD pair is only bullish while trading above the $57,000 level, key resistance is found at the $58,300 and the $60,000 levels.
If the BTCUSD pair trades below the $57,000 level, sellers may test the $56,000 and $55,500 levels.
