The BTC/USD pair has been trading in a junior descending channel pattern is the beginning of November.
From a technical point of view, the bitcoin cryptocurrency is likely to continue its downside momentum. The potential target for the pair will be at the bottom border of the channel pattern at 2848.6.
However, the cryptocurrency needs to surpass support levels formed by the weekly and monthly PPs at 3563.2/3135.6 area. If this support level holds, it is likely that the pair goes upside towards the 50-hour simple moving average at 4182.5.
