Bitcoin price traded to a new monthly high at $12,300 and corrected lower sharply against the US Dollar. The BTCUSD pair is currently trying to climb higher.
7 August 2019, OctaFX – Bitcoin price is attempting to regain short-term upside momentum, following a strong corrective move lower from the $12,300 resistance level.
Bitcoin price technical analysis
The early week range break above the $11,100 level is still likely to provoke a test towards the $13,000 resistance level. Only a sustained move back under the $11,100 level can cause the short-term sentiment for the BTCUSD pair to turn bearish.
The BTCUSD pair is only bullish while trading above the $11,100 level, key resistance is located at the $12,300 and $13,000 levels.
If the BTCUSD pair trades under the $11,100 level, sellers may test towards the $10,800 and $10,400 support levels.
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