Bitcoin price analysis – BTCUSD stages minor recovery above $9600

18 July 2019, OctaFX – Bitcoin has staged a minor recovery from the $9,100 support level, following the early breakout below the July 2nd trading low.

Bitcoin price technical analysis

Daily price closes around the $9,600 level are now key and are likely to be the next directional catalyst for the BTCUSD pair. Short-term technical indicators also have a much-needed bullish correction are reaching extreme oversold conditions on Wednesday.

  • The BTCUSD pair is only bullish while trading above the $9,600 level, key resistance is located at the $10,000 and $10,400 levels.

  • If the BTCUSD pair trades under the $9,600 level, sellers may test towards the $9,100 and $8,800 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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