Bitcoin price analysis – BTCUSD working through cloud resistance

14 June 2019, OctaFX – Bitcoin price has been steadily working through Ichimoku cloud resistance on the four-hour time frame as the BTCUSD pair enjoys a late-week bid.

Bitcoin price technical analysis

The Ichimoku cloud is also showing that future key resistance for the BTCUSD pair is located around the $8,800 level. Bulls first need to break through the $8,400 resistance level to encourage the next round of technical buying.

  • BTCUSD price is only bullish while trading above the $8,400 level, key resistance is located at the $8,800 and $9,000 levels.

  • If BTCUSD price trades under the $8,200 level, sellers may test towards the $8,000 and $7,700 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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