February 7, OctaFX – Bitcoin continues to trade in an increasingly narrow price range, with the number one cryptocurrency seemingly trapped inside a descending price channel.
Given the general bearish bias towards the cryptocurrency market, an eventual test of the BTCUSD pairs 2018 trading low seems the most likely scenario. Technical indicators remain flat on the four-hour time frame as traders await a clear breakout from the descending price channel.
BTCUSD Price Technical Prediction
- The BTCUSD pair is only bearish while trading below the $3,300 level, key technical support remains at the $3,200 and $3,100 levels.
- If the BTCUSD pair trades above the $3,460 level, key resistance is found at the $3,660 and $3,980 levels.
This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.