BTCUSD awaiting channel break
Bitcoin is still trading within a descending price channel on Monday, as the number one cryptocurrency continues to move in an increasingly narrow range. Sellers need to break the $3,300 level to accelerate downside pressures, while buyers need to hold price above the $3,500 level to break from the channel. If the BTCUSD pair performs an upside break, the $3,960 level provides a strong short-term bullish target.
The BTCUSD pair is only bearish while trading below the $3,300 level, key technical support remains at the $3,150 and $3,000 levels.
If the BTCUSD pair trades above the $3,300 level, key resistance is found at the $3,500 and $3,660 levels.