Bitcoin is once again attempting to push higher after bulls broke through the technically important $8,700 resistance level. Caution is still advised in the short-term as a bearish head and shoulders pattern appears to be developing across the lower time frames. According to the size of the bearish pattern, the BTCUSD pair could plunge sharply lower towards the $6,500 level.
The BTCUSD pair is only bullish while trading above the $8,700 level, key resistance is found at the $9,200 and the $9,480 levels.
If the BTCUSD pair trades below the $8,700, sellers may test the $8,000 and $7,000 support levels.
