Bitcoin price analysis – BTCUSD attempting to regain upside momentum

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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This article was provided by OctaFX. It should NOT 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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