Bitcoin has undergone a strong price pullback from the $58,000 level after bulls failed to ignite a large inverted head and shoulders pattern on Thursday. The current price pullback could provide a dip-buying opportunity as the inverted head and shoulders pattern is still valid. Risk-averse traders may wait for the pair to trade back above neckline resistance before attempting long positions, around the $56,800 level.
The BTCUSD pair is only bullish while trading above the $56,800 level, key resistance is found at the $58,820 and the $60,000 levels.
If the BTCUSD pair trades below the $56,800 level, sellers may test the $55,000 and $53,000 levels.
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