BTCUSD $70,000 Possible

Bitcoin has hit a new all-time trading high, ahead of the much-awaited Initial Public Offering of the cryptocurrency exchange, Coinbase. A bullish inverted head and shoulders pattern has been activated, which holds an upside of the target of around $10,000. The former all-time high for the BTCUSD pair, around the $61,800 level, is likely to be a key dip-buying area on any price pullbacks.

The BTCUSD pair is only bullish while trading above the $60,000 level, key resistance is found at the $65,500 and the $70,000 levels. If the BTCUSD pair trades below the $60,000 level, sellers may test the $58,380 and $57,000 levels.

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