Bitcoin is attempting to hold onto its strong early-week gains, following a powerful recovery back towards the $5,500 resistance level. BTCUSD bulls need to find traction above the $5,500 level in order to attract buying interest towards the $6,000 level. Overall, the BTCUSD pair is currently trading within a large descending triangle pattern on the lower time frames.
The BTCUSD pair is only bullish while trading above the $5,500 level, key resistance is found at the $6,000 and the $6,400 levels.
If the BTCUSD pair trades below the $5,500, sellers may test the $4,000 and $3,700 support levels.
