BTC/USD Medium-term Trend:Bullish

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

Yesterday, June 6, price of Bitcoin was in a bullish trend. The asset had been fluctuating but fell to the low of $7,356.78. Traders should have placed long trades at the support level of $7,356.78, so as to have partial profits as the asset moved to the resistance zone. However, it was assumed that price of Bitcoin would reach the high of $8,000, if the resistance level of $7,711 was broken. The asset is currently trading at $7,708.96 as at the time of writing. Meanwhile, price of Bitcoin is in a bullish trend.

The asset is attempting to break the resistance level at $7,711. If the resistance level is broken, the asset would reach the high of $8,000. However, if the bulls fail to break the resistance level, the asset would fall or be compelled to a range bound movement.

BTC/USD Short-term Trend:Bullish

On the hourly chart, price of Bitcoin is rising. In the hourly chart, the Fib retracement tool has been attached to the chart. The principle behind the Fib tool is that if price rises from the high, it will encounter support at one of Fib retracement levels. The first retracement level of the asset fell on the 50.0 Fib. retracement which gives traders the opportunity to place long trades. The second retracement level will come if the asset faces another resistance.

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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