The first cryptocurrency is gaining upside momentum after recently staging a powerful recovery from the $6,800 support level. Gains above the $7,550 level should support a further rally in the BTCUSD pair towards the psychological $8,000 level. Overall, a bullish inverted head and shoulders pattern with substantial upside potential is playing out across the lower time frames.
The BTCUSD pair is only bullish while trading above the $7,250 level, key resistance is located at the $7,850 and $8,000 levels.
If the BTCUSD pair trades under the $7,250 level, sellers may test towards the $7,000 and $6,800 support levels.
