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Bitcoin price surges above $7000 - Is BTCUSD next target $8000?

OctaFx | May. 13, 2019
Bitcoin price surges above $7000 - Is BTCUSD next target $8000?

13 May 2019, OctaFX – Bitcoin price surges, as it has broken through the $7,000 resistance level, with the number one cryptocurrency by market capitalization gaining nearly twenty percent since it moved above the $6,000 level.

Bitcoin price technical analysis

The $7,500 level offers strong technical resistance, although the $8,000 level is seen as formidable weekly resistance. The strong move higher has now created a large inverted head and shoulders on the daily time frame.

  • The BTCUSD pair is bullish while trading above the $6,500 level, key intraday resistance is found at the $7,500 and $8,000 levels.

  • If the BTCUSD pair trades under the $6,500 level, sellers may test towards the $6,300 and $6,000 support levels.

Bitcoin price surges, BTCUSD next target

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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