Unlike the previous occasions, we have seen a shallow pullback this time. This shows that the traders are not confident of a huge rally from the current prices. We believe a decline to the recent lows is possible.
Currently, the bulls are attempting a pullback, which might lead to carrying the cryptocurrency to the neckline of the head and shoulders pattern at $13,202 levels.
We expect another round of selling from those levels, which is likely to sink the BTC/USD pair back to the support zone of $10,704.99 to $9,300.
If this support zone breaks, a fall below $8,000 is likely.
On the other hand, if the bulls succeed in holding the support zone, it will lead to starting a new uptrend.
Nimble-footed traders can play the pullback. Still, others should wait for the next dip to buy.