Bitcoin price analysis: BTCUSD upward trend pauses


23 May 2019, OctaFX – Bitcoin price is trading towards the worst levels of the week in early Thursday trade as BTCUSD bears attempt to attack towards downside support once again.

Bitcoin price technical analysis

The four-hour time frame is showing that an inverted head and shoulders pattern is building. The bullish pattern has an upside target that would take BTCUSD price above the psychological $10,000 resistance level.

  • BTCUSD price is 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 $7,400 and $7,100 support levels.

BTCUSD price, Bitcoin price technical analysis

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.

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