Bitcoin is starting to consolidate between the $33,000 to $34,000 levels, following Friday’s massive rejection from the $38,000 level. Technical analysis shows that a massive head and shoulders pattern is starting to form across various time frames. In order to activate the bearish price pattern sellers need to move the BTCUSD pair below the $29,000 support levels.
The BTCUSD pair is only bullish while trading above the $34,000 level, key resistance is found at the $35,000 and the $37,000 levels.
If the BTCUSD pair trades below the $34,000 level, sellers may test the $31,600 and $29,000 levels.
