Is Bitcoin price bullish momentum going to continue?
Bitcoin is attempting to recover bullish momentum after coming under downside pressure earlier this week below the $10,000 level. The $10,200 support level is the neckline of a bearish head and shoulders pattern with a large four-digit downside projection. The BTCUSD pair may also come under further selling pressure from the series of bearish candles across the weekly and daily time frames.
The BTCUSD pair is only bullish while trading above the $10,200 level, key resistance is located at the $11,800 and $12,400 level.
If the BTCUSD pair trades under the $10,200 level, sellers may test towards the $9,000 and $8,500 support levels.