Bitcoin price analysis – BTCUSD recovers steadily, targets $12,500

8 July 2019, OctaFX – Bitcoin price continues to trade in a large price range as traders await technical confirmation that a medium-term high has been reached.

Bitcoin price technical analysis

The BTCUSD pair has posted five consecutive months of trading gains, leaving traders cautious towards selling the number one cryptocurrency. A final technical test back towards the $12,500 and $13,000 resistance levels still remain possible this week.

  • The BTCUSD pair is only bullish while trading above the $10,500 level, key resistance is located at the $12,500 and $13,00 levels.

  • If the BTCUSD pair trades under the $10,500 level, sellers may test towards the $10,200 and $9,800 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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