BTCUSD Goes Parabolic

Bitcoin has staged a major upside move over the Christmas weekend holiday, with the BTCUSD pair rallying above the $28,000 level. Technical analysis shows that the $30,000 level is the strongest form of technical resistance above the current all-time high. To the downside, traders may look to enter back into the bullish trend from around the $24,000 or $23,000 support areas.

The BTCUSD pair is only bullish while trading above the $24,000 level, key resistance is found at the $30,000 and the $31,000 levels.

If the BTCUSD pair trades below the $24,000 level, sellers may test the $23,000 and $22,400 levels.

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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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