Bitcoin is starting to struggle with the $18,000 resistance level as traders remain cautious after yesterday’s heavy technical rejection from the $18,500 level. A bearish head and shoulders pattern is warning that the BTCUSD pair could decline sharply if price slumps below the $17,500 level. Medium-term traders may also be waiting for a daily price close below the $17,250 level to initiate sell positions.
The BTCUSD pair is only bullish while trading above the $17,250 level, key resistance is found at the $18,200 and the $18,500 levels.
If the BTCUSD pair trades below the $17,250 level, sellers may test the $16,800 and $16,500 levels.
