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.