BTCUSD trading in descending channel

Bitcoin is attempting to recover early week losses, after the number one cryptocurrency by market capitalization failed to break below the important $3,300 support level. Price is now trading in descending price channel, with the $3,500 level topside resistance. Short-term range-bound trading action is expected in the BTCUSD pair until a clear breakout from the channel occurs.

• The BTCUSD pair is only bearish while trading below the $3,300 level, key technical support is found at the $3,150 and $3,000 levels.

• If the BTCUSD pair trades above the $3,500 level, key resistance is found at the $3,680 and $3,960 levels.