UTC-05:00,Tuesday , June 25th 2019
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FXStreet Analysis: BTC/USD Hovers Above $8000, Breakthrough Looks Shaky

00:24 Wednesday , June 12th 2019
On intraday timeframes, BTC/USD has been moving in a tight range with mildly bullish bias with the recent recovery attempts limited by $8,100 handle. This resistance area, strengthened by the upper line of 4-hour Bollinger Band, needs to be taken out before we can claim that the breakthrough is confirmed.
Once this happens, the upside may gain traction with the next focus on $8,200. This resistance area is created by the middle line of 1-day Bollinger Band, which is followed by SMA100 (Simple Moving Average) 4-hour (currently at $8,235). A sustainable move above this area will open up the way towards the next bullish aim of $8,500.
While the Relative Strength Index (RSI) on the intraday timeframes points upwards, the further upside is not yet guaranteed. If the price fails to settle above $8,000, the bearish sentiments will sweep through the market once again. In this case, the sell-off may take BTC towards the first support area created by a confluence of SMA50 and the middle line of 4-hour Bollinger Band. Once it is cleared, the downside momentum is likely to gain traction with the next focus on $7,640 (the lower edge of 4-hour Bollinger Band), and psychological $7,500.
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