Bitcoin (BTC) Price Analysis – June 12
The Bitcoin market has seen a price increase of 10% during the weekly trading after rising from $7600 to the current trading price at $8400. We can expect more positive move if the buyers continue to increase demand. Otherwise, Bitcoin may fall back to $8000 – $7500 range.
BTC/USD Long-term Trend: Bullish (1D chart)
Resistance levels: $8800, $9000
Support levels: $8000, $7500
The past two day’s price increase has eventually paced Bitcoin above the $8000 resistance after a strong consolidation between the $7500 – $8000 areas for over a week. The break up has now brought BTC trading to a current price around $8400 at the moment. The $7500 rebound level can be revealed on the daily RSI at the 50 where the market found solid support. If the RSI continues to level up, the $8800 and $9000 resistance might be tested in a short time.
On the other hand, a bearish pressure might fall the market back to $8000 and $7500 supports (the consolidation range). The recent upward movement was revealed on the daily Stochastic RSI, now faces strong resistance at the 50 level, which has become a nightmare for the bulls for the past 21days. However, Bitcoin is still respecting the ascending channel for now.
BTC/USD Medium -term Trend: Bearish (4H Chart)
Following a bearish scenario which began after the $9000 area in late May, Bitcoin’s price dropped to around $7500 before the double bottom pattern that led to the three days price increase to $4800 and carving a descending channel pattern for the market.
Now testing the upper channel, Bitcoin may drop to $8000 and $76000 supports anytime from now. The potential fall can be pictured on the 4-hours Stochastic RSI, testing the100 level at the overbought zone. If the 4-hours RSI crosses to the overbought territory, a further rise could surge price to $8750 and $8900 resistance, above the channel.
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