Bitcoin has moved back above the $23,000 level as market sentiment towards a number of top cryptocurrencies starts to improve. Technical analysis shows that a large head and shoulders pattern appears to be forming, with the recent rise helping to complete the right-hand shoulder of the bearish pattern. Bulls now need to rally the BTCUSD pair above the $24,300 level to invalidate the bearish price pattern.
The BTCUSD pair is only bullish while trading above the $22,800 level, key resistance is found at the $23,800 and the $24,300 levels.
If the BTCUSD pair trades below the $22,800 level, sellers may test the $21,800 and $20,400 levels.
