May 22, 2019
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Bitcoin (BTC) Price Trading Sideways: Bulls Eyeing Fresh Increase

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  • Bitcoin price failed to gain momentum above $8,150 and $8,200 against the US Dollar.
  • The price is slowly moving lower in a range and it could test the $7,700 or $7,660 support.
  • This week’s followed key bullish trend line was breached with support near $7,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair may continue to trade in a range before a fresh increase above the $8,000 and $8,150 levels.

Bitcoin price is struggling to climb further higher within range against the US Dollar. BTC might decline in the short term before a fresh rise above the $8,200 resistance.

Bitcoin Price Analysis

In the past few sessions, there were swing moves in bitcoin price below the $8,200 resistance area against the US Dollar. The BTC/USD pair recently climbed from the $7,578 swing low to $8,172. However, the pair failed to climb further higher and started a fresh decline below the $8,150 level. There was a break below the $8,050 support and the 50% Fib retracement level of the last wave from the $7,578 swing low to $8,172 high. Moreover, there was a break below the key $8,000 support area.

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