Bitcoin has recovered its composure on Thursday after staging a brief dip under the technically important $57,000 support level. The four-hour time frame shows that a large inverted head and shoulders pattern will be activated if the BTCUSD pair breaks through the $60,000 level. According to the overall size of the bullish price pattern, the BTCUSD pair could rally by around $10,000.
The BTCUSD pair is only bullish while trading above the $57,000 level, key resistance is found at the $60,000 and the $65,500 levels.
If the BTCUSD pair trades below the $57,000 level, sellers may test the $55,000 and $52,000 levels.