April 18, OctaFX – Bitcoin price is starting to move higher after the number one cryptocurrency bounced from key weekly support from the $5,200 level.
BTCUSD price technical analysis
BTCUSD bulls now need to move price above the $5,452 level to negate the head and shoulders pattern on the four-hour time frame. The Ichimoku indicator on the four-hour time frame is showing that the BTCUSD pair will start to fall back inside the Ichimoku cloud below the $5,200 level.
The BTCUSD pair is only bullish while trading above the $5,200 level, key intraday resistance is found at the $5,300 and $5,452 levels.
If the BTCUSD pair trades under the $5,200 level, sellers may test towards the $4,889 and $4,700 support levels.
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.