Bitcoin price analysis – BTCUSD recovering higher

7 May 2019, OctaFXIn this Bitcoin price analysis, BTCUSD is recovering higher as it starts to receive a fresh round of buying demand in early Tuesday trade with the number one cryptocurrency breaking through the $5,800 resistance level.

BTCUSD technical analysis

The $5,620 is now former key resistance turned key support if the BTCUSD pair moves below the $5,800 level. Overall, the BTCUSD pair is targeting the $6,000 level and possibly the $6,300 resistance level.

  • The BTCUSD pair is bullish while trading above the $5,620 level, key intraday resistance is found at the $6,000 and $6,300 levels.

  • If the BTCUSD pair trades under the $5,800 level, sellers may test towards the $5,620 and $5,480 support levels.

Bitcoin price analysis, BTCUSD recovering higher


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.

Share Your Opinion, Write a Comment