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Bitcoin price analysis - BTCUSD remains technically weak

OctaFx | Jun. 6, 2019
Bitcoin price analysis - BTCUSD remains technically weak

6 June 2019, OctaFX – Bitcoin price remains technically weak in the short-term, with the number one cryptocurrency so far finding weekly support from the $7,400 level.

Bitcoin price technical analysis

The one-hour time frame is showing that the BTCUSD pair is truly at a crossroad, with both a head and shoulders and inverted head and shoulders patterns now present. The BTCUSD pair can trade in a broad range between the $7,400 to $8,400 levels before the next directional move becomes clear.

  • BTCUSD price is only bullish while trading above the $8,400 level, key resistance is found at the $9,000 and $9,600 levels.

  • If BTCUSD price trades under the $7,400 level, sellers may test towards the $7,000 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.