Bitcoin remains technically weak in the short-term, with the number one cryptocurrency so far finding weekly support from the $7,400 level. The one-hour time frame is showing that the BTCUSD pair is truly at a crossroad, with both a head and shoulders and inverted head and shoulders patterns now present. The BTCUSD pair can trade in a broad range between the $7,400 to $8,400 levels before the next directional move becomes clear.
The BTCUSD pair is only bullish while trading above the $8,400 level, key resistance is found at the $9,000 and $9,600 levels. If the BTCUSD pair trades under the $7,400 level, sellers may test towards the $7,000 and $6,500 support levels.