Bitcoin has staged a short-term pullback after setting a new multi-year trading high just below the psychological $20,000 level. Technical analysis shows that an inverted head and shoulders pattern appears to be playing out across the lower time frames. According to the size of the bullish reversal pattern, the BTCUSD pair could rally close to the $23,000 resistance area.
The BTCUSD pair is only bullish while trading above the $18,400 level, key resistance is found at the $20,000 and the $20,700 levels.
If the BTCUSD pair trades below the $18,400 level, sellers may test the $17,400 and $17,000 levels.
