in

Bitcoin (BTC) Price Analysis June 7/19

Enjoys A Cluster of Technical Support Levels

At Coin Inquire, we offer free price signal of
Bitcoin (BTC) and other cryptocurrencies. Today June 7 we are beginning a new series of free signals for top cryptocurrencies including Bitcoin (BTC).

  • Bitcoin buyers intimated by a reject from $8,000 but hold on to key support levels.
  • The MACD divergence suggests that it will not be long before we have seen Bitcoin comfortably above $8,000.

Bitcoin is enjoying significant support at $7,800; a zone has a confluence of technical levels. According to a confluence detector tool, these technical indicators range from the Simple Moving Average 100-15m, the SMA 5-4hour, the Bollinger Band 1h-Middle, the 23.6% Fib retracement level daily, the 50 SMA 1-hour, the 200 SMA 15-minutes the Bollinger Band 4-hour middle and the Bollinger Band 15-minutes.

BTC/USD 4-hour chart

Bitcoin price analysis chart
Chart source: Tradingview

In the event the king of cryptocurrencies butchers this level, the price will find a cushion around $7,640 where the 200 SMA 4-hour, the 61.8% Fib level and the 38.2% Fib retracement level converge.

The 2-hour chart for BTC/USD shows indecision in the market. Especially after the spike above $8,000 earlier today failed to find support. Bitcoin sideway trading says that the bulls are afraid to push for a move upwards lest they lose the key support at $7,800 and allow Bitcoin to test the nest support target at $7,500.

Meanwhile, technical indicators keep sending positive signals. The Relative Strength Index (RSI) continues to form a higher highs pattern from the level reached on June 4 around 21.62. The rising RSI trendline speaks volumes about the increasing confidence in the uptrend.

Also Read: Crypto-Market Update: Bitcoin [BTC] Skirts Below $8000, LTC Overtakes BCH, XRP Holds $0.4

The same rising trend is displayed by the Moving Average Convergence Divergence (MACD) whose divergence suggests that it will not be long before we saw Bitcoin comfortably above $8,000. A cross into the positive territory will convince the buyers to increase their positions as they focus on levels between $8,500 and $9,000 in the weekend trading sessions.

Bitcoin is facing resistance at $8,050; a position of decision for the price. The indicators converging at this level include the 4-hour previous high, the 5 SMA daily, the pivot point one-week S1 and the Bollinger Band upper.

Bitcoin Price Technical Indicators

Key Support: $7,640 – highlighted by 200 SMA 4-hour, the 61.8% Fib level and the 38.2% Fib retracement level.

Critical Resistance: $8,050 – the 4-hour previous high, the 5 SMA daily, the pivot point one-week S1 and the Bollinger Band upper.

RSI- Trend suggests higher BTC price correction.

MACD Trend hints breakout in the coming weekend sessions.

The post Bitcoin (BTC) Price Analysis June 7: Enjoys A Cluster of Technical Support Levels appeared first on Coingape.

Report

What do you think?

369 points
Upvote Downvote

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Comments

0 comments

Crypto-Market Update: Bitcoin [BTC] Skirts Below $8000, LTC Overtakes BCH, XRP Holds $0.4

Litecoin Creator Meets US Presidential Candidate