April 29, OctaFX – Bitcoin price is attempting to correct higher in early week trade after the BTCUSD pair found strong support from the $4,930 level last week.
BTCUSD price technical analysis
Buyers need to move the BTCUSD pair above the $5,200 level in order to regain bullish short-term trading momentum. Daily price closes above the $5,260 level should also encourage further gains, while daily price closes below the $4,930 level should be taken as bearish.
The BTCUSD pair is only bullish while trading above the $5,200 level, key intraday resistance is found at the $5,400 and $5,620 levels.
If the BTCUSD pair trades under the $5,200 level, sellers may test towards the $4,900 and $4,750 support levels.
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.