20 July BTCUSD Price Technical Forecast: Bitcoin is strongly bullish


Bitcoin price appears to be consolidating inside a bullish flag pattern, which could be indicative of another run higher. What next should traders expect? Gain insight into this 20 July BTCUSD Price Technical Forecast.

20 July, OctaFX – Bitcoin made strong double-digit gains this week after bullish fundamental news provoked a strong technical breakout in the number one cryptocurrency by market capitalization.

The BTCUSD pair climbed above the $7,000 level on reports that Blackrock, the world’s largest asset manager, was moving into the cryptocurrency and blockchain technology space.

Bitcoin soared-higher on the news, alongside the broader cryptocurrency market, with the BTCUSD pair, eventually peaking around the $7,500 level before stabilizing well above the $7,000 support zone.

20 July BTCUSD Price Technical Forecast

  • The BTCUSD pair is strongly bullish while trading above the $7,000 level. Key resistance is found at the $7,500 and $7,800 levels.
  • If the BTCUSD pair trades below the $7,000 level, further losses towards the $6,837 and $6,700 support levels remains possible.

Disclaimer

This article about 20 July BTCUSD Price Technical Forecast was provided by OctaFX. It should 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.

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