Bitcoin Price Analysis – June 11
In case the Bulls gain enough momentum to prevail over the Bears and break out at the $8,235, the Bitcoin price may reach a previous high at $8,582 level provided the $8,235 level does not hold.
BTC/USD Medium-term Trend: Ranging
Resistance levels: $8,235, $8,582, $8,970
Support levels: $7,600, $7,186, $6,856
BTCUSD is ranging on the medium-term outlook. The coin topped at the price level of $8,970 on May 30 with the aid of the bulls’ momentum. A bearish engulfing candle pattern formed which triggered the bearish momentum. The price dropped at $8,235 level, a pullback was observed by the crypto towards $8,582 level. On June 03, the Bears gained momentum and a strong bearish candle emerged and broke down the former demand level of $8,235. The crypto found support at $7,600 level. Since then, the Bitcoin price has been moving sideways within $8,235 and $7,600 levels.
Bitcoin price is hovering over the 21-period EMA and the 50 periods and the two EMAs are horizontally flat which indicate that consolidation is ongoing in the BTC market. In case the Bulls gain enough momentum to prevail over the Bears and break out at the $8,235, the Bitcoin price may reach a previous high at $8,582 level.
BTCUSD Short-term Trend: Ranging
On the short-term outlook, BTCUSD is on the sideways movement. BTCUSD is range-bound within the supply level of $8,235 and the demand level of $7,600. As at the moment, the Bears are trying to push the price towards $7,600 level. The dynamic support and resistance level (21 and 50 periods EMA) has been penetrated downside; that is the coin is trading below the 21 periods EMA and 50 periods EMA which indicates bearish movement.
The Bitcoin price may reach the previous low tat $7,600 level. Meanwhile, the MACD period 12 with its histogram is below zero levels and the signal lines bending down which connotes sell signal.