The BTC/USD exchange rate is currently trading in an ascending channel pattern. The pair tested the lower boundary of the uptrend pattern at 3913.0 during Monday's trading session.
Given that the bitcoin cryptocurrency is trading in an uptrend channel, and the 50-, 100- and 200-hour SMAs are below the price level, it is likely that the pair will continue moving north until it reaches a resistance level at the 4300.0 area.
Although, a resistance cluster formed by the weekly and the monthly pivot points at 4170.6 could restrict such bullish movement during the following trading sessions.
Given that the bitcoin cryptocurrency is trading in an uptrend channel, and the 50-, 100- and 200-hour SMAs are below the price level, it is likely that the pair will continue moving north until it reaches a resistance level at the 4300.0 area.
Although, a resistance cluster formed by the weekly and the monthly pivot points at 4170.6 could restrict such bullish movement during the following trading sessions.
As for the near future, it is likely that the BTC/USD exchange rate makes a retracement down towards the $4600 area.
However, it is important to note that a support level formed by the weekly R3 at 4718.6 could provide support for the pair during the following trading sessions.
If the support level holds, the rate might aim for a re-tests of the $5400 mark in the short-term.