Bitcoin broke above the $40,000 level during Thursday US session, however, a massive pullback took place shortly after the breakout took place. Technical analysis shows that bulls and bears are now battling for control of the BTCUSD pair around the top of an ascending broadening wedge pattern, around the $39,200 level. A series of daily price closes above the $39,200 area could cause the BTCUSD pair to surge towards the $50,000 level.
The BTCUSD pair is only bullish while trading above the $36,000 level, key resistance is found at the $40,000 and the $42,000 levels.
If the BTCUSD pair trades below the $36,000 level, sellers may test the $34,700 and $32,000 levels.
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