BTC/USD remains below the key neckline resistance at $59,800. For the inverted head and shoulders pattern we mentioned yesterday to be valid and activated, price must break above this resistance area.
Blue lines- bullish channel
Red line -neckline resistance
Pink lines – expected upward move size if neckline is broken
BTC/USD has support at $55,000. Bulls do not want to see price break below this level. Such a break down will open the way for a deeper pull back most probably towards $40,000. BTC/USD is vulnerable to a deep pull back as the Daily RSI suggests with the bearish divergence.
The material has been provided by InstaForex Company – www.instaforex.com
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