Bitcoin is trading towards the worst levels of the week after risk-off trading sentiment provoked a major sell-off in the cryptocurrency market. Technical analysis shows that a bearish head and shoulders pattern may be developing across the lower time frames. Traders that are bullish towards the BTCUSD pair may wait for multiple higher time frame price closes above the $13,360 level to initiate fresh buy positons.
The BTCUSD pair is only bullish while trading above the $12,700 level, key resistance is found at the $13,860 and the $14,000 levels.
If the BTCUSD pair trades below the $12,700 level, sellers may test the $12,200 and $11,900 levels.
