Bitcoin is starting to move higher after the number one cryptocurrency bounced from key weekly support from the $5,200 level. BTCUSD bulls now need to move price above the $5,452 level to negate the head and shoulders pattern on the four-hour time frame. The Ichimoku indicator on the four-hour time frame is showing that the BTCUSD pair will start to fall back inside the Ichimoku cloud below the $5,200 level.
The BTCUSD pair is only bullish while trading above the $5,200 level, key intraday resistance is found at the $5,300 and $5,452 levels. If the BTCUSD pair trades under the $5,200 level, sellers may test towards the $4,889 and $4,700 support levels.