BTCUSD bearish below $3,700
Bitcoin is coming under increasing selling pressure after the number one cryptocurrency was strongly rejected from the $4,000 level. Technical indicators on the four-hour time are still turning lower, which may signal further losses ahead for the BTCUSD pair. Traders should note that the BTCUSD pair will only turn short-term bearish if price trades below the $3,700 level.
The BTCUSD pair is bullish while trading above the $3,700 level, key technical resistance is now found at the $4,000 and $4,300 levels.
If the BTCUSD pair trades below the $3,700 level, key support is found at the $3,550 and $3,330 levels.