BTCUSD BITCOIN PRICE CORRECTION LIKELY
Bitcoin has surged to its highest trading level of the July so far, as the bullish inverted head and shoulders pattern was triggered above the $6,800 level on Tuesday. The BTCUSD pair now has scope to correct level if the $7,400 resistance level holds, as the price has reached overstretched levels. The MACD indicator also appears overbought across the one and four-hour time frames, further supporting a correction lower from current trading levels.
The BTCUSD pair is strongly bullish while trading above the $7,400 level, further upside towards $7,550 and $7,760 levels seems possible.
If the BTCUSD pair continues to fail around current levels, price may correct back towards the $7,000 and $6,850 support levels.
The BTCUSD pair is strongly bullish while trading above the $7,400 level, further upside towards $7,550 and $7,760 levels seems possible.
If the BTCUSD pair continues to fail around current levels, price may correct back towards the $7,000 and $6,850 support levels.
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