Weekly Bitcoin analysis

Bitcoin has been trying since May to break above the key resistance area near the February highs. Price is mostly moving sideways. Resistance is key here at $9,500-$10,000 area. A rejection could push price back towards $7,500.

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Red line -weekly resistance trend line

BTCUSD is trading below our red resistance trend line. As we explained above there we find key long-term resistance. Bulls need a break above the $9,500-$10,000 area in order to move higher towards $12,000-$13,000 area. The longer it takes to break the resistance, the higher the chances of a rejection at current levels. A pull back towards $7,500 is justified.

The material has been provided by InstaForex Company - www.instaforex.com