BTCUSD NEEDS MOMENTUM

Bitcoin is attempting to find upside momentum on Wednesday as buyers continue to defend major technical support around the $8,400 level. Gains above the $8,7500 level could see BTCUSD pair making an important technical test towards the $9,500 resistance area this week. Losses below the $8,400 level should spark a major technical sell-off towards the $8,000 support area.

• The BTCUSD pair is only bullish while trading above the $8,750 level, key resistance is found at the $9,200 and the $9,500 levels.

• If the BTCUSD pair trades below the $8,750, sellers may test the $8,000 and $7,800 support levels.