BTCUSD $55,000 Critical Support

Bitcoin is struggling to find a clear short-term trading trend as the top cryptocurrency remains trapped between the $55,000 to $57,000 level. The one-hour time frame is showing that an extremely large head and shoulders pattern will be activated if the BTCUSD pair holds beneath the $55,000 level. Short-term bulls need to close the daily candle above the $58,360 level to ease downside pressure.

The BTCUSD pair is only bullish while trading above the $55,000 level, key resistance is found at the $57,300 and the $58,360 levels.

If the BTCUSD pair trades below the $55,000 level, sellers may test the $53,000 and $50,000 levels.

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