Bitcoin has fallen towards the $53,000 support level and staged a strong recovery as traders continue to digest the potential cryptocurrency ban by India. The Parabolic SAR indicator is still generating a buy signal on the daily time frame while the BTCUSD pair trades above the $53,000 level. Traders should note that a bullish reversal pattern is back in play if bulls can move the price back above the $58,300 area.
The BTCUSD pair is only bullish while trading above the $55,000 level, key resistance is found at the $57,300 and the $58,300 levels.
If the BTCUSD pair trades below the $55,000 level, sellers may test the $53,000 and $50,000 levels.
