Bitcoin price analysis – BTCUSD correcting lower

April 25, OctaFX – Bitcoin price is staging a strong technical correction lower on Thursday after finding interim technical resistance from the $5,620 level earlier this week.

BTCUSD price analysis

The Ichimoku indicator on the daily time frame is still showing that the $,5260 level is major weekly support for the BTCUSD pair. The Relative Strength Index and the Stochastic indicator on the daily time frame are both still trading in overbought territory.

  • The BTCUSD pair is only bullish while trading above the $5,260 level, key intraday resistance is found at the $5,620 and $5,700 levels.

  • If the BTCUSD pair trades under the $5,260 level, sellers may test towards the $5,200 and $5,080 support levels.

Bitcoin price analysis


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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