Bitcoin has recovered above the $58,000 level, placing the BTCUSD pair in a much stronger technical position over the short-term. A lower time frame analysis shows that an extremely large inverted head and shoulders pattern will be activated if bulls rally the price above the $60,000 level. The BTCUSD pair could quickly reach the $61,800 level if a break above the $60,000 level occurs.
The BTCUSD pair is only bullish while trading above the $58,000 level, key resistance is found at the $60,000 and the $61,800 levels.
If the BTCUSD pair trades below the $58,000 level, sellers may test the $57,000 and $56,500 levels.
