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.
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