BTC/USD Medium-term Trend:Bullish

Resistance:$8,000, 8,500, $9,000
Support:$7,000, $6,500, $6,000

Yesterday, June 5, price of Bitcoin was in a bearish trend. It was assumed that if price fell to the previous low of $7,045.79, the bears would face opposition at that level. However, if the support level holds, traders should initiate long positions at the price of $7,045.79. On the other hand, if price did not fall, traders should look for buy setups. The asset is currently trading at $7,612.61 as at the time of writing.

However, from the weekly chart, price fell to the low of $7,356.78 as at yesterday and commenced a bullish movement. I expected traders to have initiated long positions at the close of the last bearish candlestick. They would have made partial profits as at today. Nevertheless, price of Bitcoin may reach the high of $8,000 if the resistance level at $7,711 is broken as shown by the rectangular block. However, at the price of $8,000 the asset may not face any opposition until the high of $8,300. Nevertheless, if the bullish trend continued, the asset will face another resistance at the price of $8,539.69.

BTC/USD Short-term trend:Bullish

On the hourly chart, the price of Bitcoin is rising. Price of the asset is rising and approaching the resistance level. The falling 20-day moving average is now rising and trending northward.


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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