BTCUSD $4400 level now in focus
Bitcoin has broken above the important $3,960 resistance level in early Monday trade, which has negated the formation of a bearish triple-top pattern. The move higher is being helped by positive sentiment in the cryptocurrency market, with most major cryptocurrencies advancing intraday. Buyers must now go on to break the $4,400 resistance level in order to trigger a large inverted head and shoulders pattern.
The BTCUSD pair is bullish while trading above the $3,960 level, key technical resistance is found at the $4,200 and $4,400 levels.
If the BTCUSD pair trades below the $3,960 level, heavy selling towards the $3,660 and $3,300 levels appears likely.