Bitcoin has starting to stage a strong correction lower on Thursday after hitting a new monthly trading high, around the $57,300 resistance level. The Parabolic SAR indicator is showing that a four-hour sell signal is in play while the BTCUSD pair trades under the $55,000 level. Traders should also be aware that a double-top pattern is present after bulls failed to breach the February high yesterday.
The BTCUSD pair is only bullish while trading above the $55,000 level, key resistance is found at the $57,300 and the $58,400 levels.
If the BTCUSD pair trades below the $55,000 level, sellers may test the $53,000 and $50,000 levels.
