Bitcoin is staging a strong technical correction lower on Thursday after finding interim technical resistance from the $5,620 level earlier this week. The Ichimoku indicator on the daily time frame is still showing that the $,5260 level is major weekly support for the BTCUSD pair. The Relative Strength Index and the Stochastic indicator on the daily time frame are both still trading in overbought territory.
The BTCUSD pair is only bullish while trading above the $5,260 level, key intraday resistance is found at the $5,620 and $5,700 levels.
If the BTCUSD pair trades under the $5,260 level, sellers may test towards the $5,200 and $5,080 support levels.
