BTC/USD Medium-term Trend: Ranging

Resistance: $8,000, 8,500, $9,000
Support : $7,000, $6,500, $6,000
Yesterday, June 4, price of Bitcoin was in a bullish market and price broke the bearish trend line and the candlestick closed on the opposite of the trend line. It meant that the bearish pressure of the asset was over. However, today price of Bitcoin is currently trading at $7,391.76 as at the time of writing.

From the 4-hour chart, price of Bitcoin seems to be falling after yesterday's bullish movement. However, if the price of the asset falls, it may fall to the previous low of $        7,045.79. At the support level of $7,045.79, the bears will face resistance from the bulls. However, if the bulls hold price at that level, then traders should initiate long positions at the

support level. Also, they should put a stop loss below the support level. However, if price does not fall to the support level at $7,045.79. traders should look for buy setups. Nevertheless, the relative strength index period 14 is level 36 indicating that price is reaching the oversold market conditions.

BTC/USD Short-term Trend: Bearish

On the hourly chart, price of Bitcoin is falling. The 20-day moving average has crossed below the 50-day moving average indicating that price of Bitcoin is falling. In the hourly chart, the relative strength index indicates that the market is oversold suggesting bulls to take control of the market.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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