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Bitcoin price analysis: BTCUSD recovers sharply higher

OctaFx | May. 20, 2019
Bitcoin price analysis: BTCUSD recovers sharply higher

20 May 2019, OctaFX – Bitcoin price has recovered sharply higher in early Monday trade after the number one cryptocurrency found strong technical support from just below the $6,500 level.

Bitcoin price technical analysis

If buyers can breach the current yearly trading high the BTCUSD price could eventually test towards the $10,000 resistance level. The daily time frame is showing that key support from the Ichimoku indicator is located at the $7,100 level.

  • BTCUSD price is strongly bullish while trading above the $8,000 level, key resistance is found at the $8,500 and $10,000 levels.

  • If BTCUSD price trades under the $8,000 level, sellers may test towards the $7,100 and $6,500 support levels.

Bitcoin price analysis, BTCUSD price

Disclaimer

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.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.