BTCUSD $7,000 Key

Bitcoin is staging a major rally during the European trading session, with the number one cryptocurrency moving towards the $6,900 level. Traders should note that a bearish lower weekly high will form if the BTCUSD pair fails to move above the $7,000 level. A breakout above the $7,000 level could see the BTCUSD pair advancing towards the $7,200 and possibly the $7,800 level.

The BTCUSD pair is only bullish while trading above the $6,430 level, key resistance is found at the $7,000 and the $7,800 levels.

If the BTCUSD pair trades below the $6,430, sellers may test the $6,000 and $5,500 support levels.

Octa
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Octa (formerly OctaFX) is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 40 million trading accounts.

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