BTC/USD Medium-term Trend: Ranging
Resistance: $8,000, 8,500, $9,000
Support : $7,000, $6,500, $6,000
Yesterday, June 7, the price of Bitcoin was in a bullish trend making another attempt to break the resistance level at $7,711. It was assumed that if the asset failed to break the resistance level at $ 7,711, then the asset would fall to the low of $7,403. Price of Bitcoin is currently trading at $7,674.21 as at the time of writing. Nevertheless, from the 4-hour chart, the rectangular block is the symbol for the previous resistance zone.
Yesterday, price of Bitcoin moved to the high of $7,719.04 as shown by the symbol of the large blue candlestick. Then the bears resisted the advancement by the bulls and price began to fall gradually as shown by the small candlesticks in a sideways trend. The asset is likely to fall to its previous low at $7,403. If price of the asset falls, traders should initiate long trades at a price of $7,403. Meanwhile, the relative strength index period 14 is level 53 indicates that price of the asset is in the range bound zone.
BTC/USD Short-term Trend: Ranging
On the hourly chart, price of Bitcoin is in a sideways trend. After the large candlestick was resisted, then price fell to a sideways trend. However, price of the asset will reach the high of $8,000 or $ 8,500, only if the resistance level is broken.
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