Bitcoin is set for its next major directional move, as the pioneer consolidates after the recent breakout rally towards the $12,400 resistance zone. Lower time frame analysis shows that the BTCUSD pair is starting to form a bearish head and shoulders pattern. A breakout under the $11,700 level is required to activate the bearish pattern with a $700 downside target.
The BTCUSD pair is only bullish while trading above the $11,700 level, key resistance is found at the $12,400 and the $13,000 levels.
If the BTCUSD pair trades below the $11,700 level, sellers may test the $11,400 and $11,000 levels.
