Bitcoin price surges above $11,700

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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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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