Bitcoin has incurred a heavy technical sell-off after the pioneer cryptocurrency crashed by over $1,500 within a period of less than two hours. Technical analysis shows that a head and shoulders pattern may be forming, with the neckline of the bearish pattern located around the $17,400 level. Traders that are bearish towards the BTCUSD pair may attempt to sell into recovery around the $18,600 area.
The BTCUSD pair is only bullish while trading above the $17,400 level, key resistance is found at the $18,000 and the $18,600 levels.
If the BTCUSD pair trades below the $17,400 level, sellers may test the $16,000 and $14,800 levels.
