BTCUSD BEARISH PATTERN STILL WORKING

Bitcoin remains under technical selling pressure on Wednesday, with the number one cryptocurrency trading close to its 2018 trading low, at $3,196. The bearish head and shoulders pattern on the lower timeframes has yet to reach its full downside projection, close to the $2,700 level. Overall, the BTCUSD pair is likely to continue to drift lower unless buyers can perform a sustained recovery above the $3,500 level.

The BTCUSD pair is strongly bearish while trading below the $3,500 level, key support is located at the $3,196 and $2,700 levels.

If the BTCUSD pair moves above the $3,500 level, a correction towards the $3,700 and $4,000 levels remains possible.