Join Our Telegram channel to stay up to date on breaking news coverage
Bitcoin (BTC) Price Prediction – June 11
The Bitcoin price is down from $9,970 to touch the support at $9,045. No quick recovery seems possible for the coin at the moment.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $10,700, $10,900, $11,100
Support Levels: $8,700, $8,500, $8,300
As at the early hours of today, BTC/USD seems strong-willed as the coin moved from $9,900 to $9,970 but the price is currently facing back the support level of $9,000 by crossing the 9-day and 21-day moving averages. The bears are ushering the coin below $9,500 today and now on its way to cross below the lower boundary of the channel. Yesterday’s bullish price moves took the coin as high as $10,018 and since then, Bitcoin has been tumbling.
However, the latest price reduction has made Bitcoin’s price to see a sharp cut of over $900, amounting to a 5.41% loss as it moves toward the south. In the time of following this rally, BTC/USD makes effort to erase the gains of yesterday’s trading, with the crypto plummeting to the south before climbing slightly to its current price of $9,358.
Meanwhile, today’s price corrections have traced a falling flag which has been breached very recently. Looking at the daily chart, $8,700, $8,500, and $8,300 serves as the major support levels, making room for BTC/USD to fall even further. The RSI (14) for the coin has just nosedives to the 50-level. Nevertheless, above the channel, BTC/USD may see resistance levels at $10,700, $10,900 and $11,100.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
On the 4-hour chart, we can see that the bears have been stepping back into the market, trading below the 9-day and 21-day moving averages but the bulls are trying to defend the $9,300 support as well. Meanwhile, the $9,000 and below may be visited if BTC/USD breaks the mentioned support.
However, in as much as the buyers can push the market to the north, we may expect a retest at the $9,500 resistance level. Breaking the mentioned resistance may further allow the bulls to test the $9,600 and above on the upside but the stochastic RSI is moving into the oversold zone indicating some bearish signals.
Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Join Our Telegram channel to stay up to date on breaking news coverage