BTCUSD Correction underway
Bitcoin is starting to correct lower alongside cryptos after facing a strong rejection from the $40,000 resistance level over the weekend. Technical analysis shows that the BTCUSD pair is currently trapped within an extremely large ascending wedge pattern, between the $31,000 and $41,000 level. A sustained breakout below the $36,000 support level could trigger the next major downleg in the BTCUSD pair.
The BTCUSD pair is only bullish while trading above the $36,000 level, key resistance is found at the $42,000 and the $47,000 levels.
If the BTCUSD pair trades below the $36,000 level, sellers may test the $33,000 and $31,000 levels.