BTCUSD major week ahead

Bitcoin faces a major test during the week ahead after the pioneer cryptocurrency suffered its largest one-day decline since 2013 last week. Bulls may target the $6,400 level this week if they can start to gain traction above the pivotal $5,500 level. To the downside, sellers may target the $4,400 level if they can hold price below the $5,500 level in early week trading.

• The BTCUSD pair is only bullish while trading above the $6,400 level, key resistance is found at the $7,000 and the $7,200 levels.

• If the BTCUSD pair trades below the $6,400, sellers may test the $5,000 and $4,400 support levels.