Bitcoin Aims to Build Support After Breakout

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In Brief
  • The Bitcoin price has moved above an important resistance area and moving average.

  • There is support and resistance at $9,250 and $9,750, respectively.

  • The price has also broken out from a descending resistance line.

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On July 21, the Bitcoin (BTC) price created a bullish engulfing candlestick, breaking out above an important resistance area and moving average (MA) that had previously been hindering Bitcoin's advances. This could indicate that its consolidation period might be over and BTC has begun a new upward trend. Bitcoin Builds Steam Since July 8, the Bitcoin price had mostly been trading below
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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