Bitcoin is trading above $6,500 on Monday. Looking at the chart, should traders expect further gains this week? What does the following 9 July BTCUSD Price Technical Analysis reveal?
9 July, OctaFX – Bitcoin continues to trade towards the $6,650 resistance level in early Monday trading, after finding strong technical support just the $6,400 level on Friday.
BTCUSD bulls now need to break above the $6,700 level to validate the bullish inverted head and shoulders price pattern across various time frames. BTCUSD sellers will attempt to break the key $6,400 level for a technical test of the $6,220 level.
9 July BTCUSD Price Technical Analysis
- The BTCUSD pair is strongly bullish while trading above the $6,700 level, further upside towards the $7,000 and $7,400 levels remains possible.
- If the BTCUSD pair moves below the $6,400 level, sellers will likely test towards the $6,250 and $6,058 support levels.
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