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BTCUSD awaiting channel break

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Bitcoin is still trading within a descending price channel on Monday, as the number one cryptocurrency continues move in an increasingly narrow range. Sellers need to break the $3,300 level to accelerate downside pressure, 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.

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