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Bitcoin price attempts to recover upside momentum

OctaFX | Aug. 16, 2019
Bitcoin price attempts to recover upside momentum

Bitcoin price started an upside correction after trading as low as $9,483 against the US Dollar. Will the uptrend continue?

16 August 2019, OctaFX The price of Bitcoin is attempting to recover upside momentum after the number one cryptocurrency found strong support from the $9,400 level.

Bitcoin price technical analysis

The $10,000 level is now a natural pivot for the BTCUSD pair and key area to watch for a potential technical correction back towards the $10,400 to $10,800 resistance zone. Sellers may start to attack back toward the $9,400 level if the BTCUSD pair fails to attract any buying interest above the $10,000 level.

  • The BTCUSD pair is only bullish while trading above the $11,100 level, key resistance is located at the $12,000 and $12,300 levels.

  • If the BTCUSD pair trades under the $10,000 level, sellers may test towards the $9,400 and $9,080 support levels.

Bitcoin 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.