Bitcoin has staged a breakout from a well-defined symmetrical triangle pattern on the lower time frame after buyers broke above the $38,400 level. Sustained gains above the $38,400 level and the BTCUSD pair could easily be headed towards the $40,500 level intraday. Failure back inside the symmetrical triangle pattern and the BTCUSD pair could tumble towards $36,000.
The BTCUSD pair is only bullish while trading above the $38,400 level, key resistance is found at the $39,000 and the $40,500 levels.
If the BTCUSD pair trades below the $38,400 level, sellers may test the $37,000 and $36,000 levels.
