RATE Group | Bitcoin Price Intraday Analysis: BTCUSD Undergoes Bullish Correction
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Bitcoin Price Intraday Analysis: BTCUSD Undergoes Bullish Correction

12 Aug Bitcoin Price Intraday Analysis: BTCUSD Undergoes Bullish Correction

Posted at 18:53h in Bitcoin News by

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bitcoin price

The bitcoin price in the past 24 hours has undergone a much-needed bullish correction, rising about $500 since establishing an intraday low around $6,009.

In our previous BTC/USD analysis, we were waiting for a bounce back from 6009-fiat to apply our intrarange strategy. As it did, our long position towards 6192-fiat made us a nominal profit. A near-term breakout followed later, upon which we placed another long position towards 6290-fiat and made another nominal return. Unfortunately, due to human constraints, we were unable to watch the rally towards 6494-fiat.

Today, we established 6500-ish area as a strong resistance level against the minor upside. The early Asian trading hour saw traders exiting their position around this area, while during the rest of the European trading session, the BTC/USD pair was consolidating sideways within a nominally wide range. Let’s see how the latest price action has rattled our technical indicators.

BTCUSD Technical Analysis

As discussed…

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