Bitcoin price analysis – BTCUSD bearish below $10,600

Bitcoin price declined heavily in the past few sessions below $10,600 against the US Dollar.

22 August 2019, OctaFX – The price of Bitcoin has suffered heavy losses after the number one cryptocurrency was strongly rejected from just under the $11,000 level earlier this week.

Bitcoin price technical analysis

Bulls need to move the price back above the $10,500 level to secure the BTCUSD pairs short-term outlook. Overall, selling technical pullbacks is favoured over buying while the BTCUSD pair trades under the important $10,600 level.

  • The BTCUSD pair is only bullish while trading above the $10,600 level, key resistance is located at the $11,000 and $11,500 levels.

  • The BTCUSD pair is only bearish while trading under the $10,600 level, sellers may test towards the $9,750 and $9,450 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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