Bitcoin price rallied more than 8% and climbed above $11,700 against the US Dollar. The BTCUSD pair is currently correcting gains.
5 August 2019, OctaFX – Bitcoin price is starting to build strength in early week trade, following a successful break above the top-end of the number one crypto’s short-term price range.
Bitcoin price technical analysis
BTCUSD buyers now need to close price above the $11,700 level to provoke another test of the $13,000 level. Overall, the short-term trend for the BTCUSD pair is bullish, favoring buying any dips back towards the $11,100 level.
The BTCUSD pair is only bullish while trading above the $11,100 level, key resistance is located at the $11,700 and $13,000 levels.
If the BTCUSD pair trades under the $11,100 level, sellers may test towards the $10,800 and $10,400 support levels.
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