Bitcoin (BTC) Price Analysis – June 11
Bitcoin Drops Below $8000 As Indicator Remain Downward, What Next?
Published on Tuesday June 11, 2019
BTC/USD Medium-term Trend: Bearish
Supply levels: $8100, $8500
Demand levels: $7500, $7200
Bitcoin has continued to fluctuate price between the range of $7500 and $8000 areas over the past 7 days. BTC is now trading around $7800 after dropping from around $8000 which has remained a tough level for the bull to surpass. Meanwhile, the $8100 and $8500 are the likely supply levels for the bulls.
If the price drops, the likely demand to watch out for is $ $7500 and $7200 levels, where the lower channel lies. The 4-hours MACD has entered the negative, signaling the bearish move. On the 4-hours RSI, Bitcoin was revealed bearish as trading remains in a descending channel, below the 50 level.
BTC/USD Short-term Trend: Bullish
The BTC market has been stylishly playing bullish on the short-term trend as price action follows an ascending channel for about a week now. The bulls appeared to be gaining control of the market, still unclear at the moment. On the hourly RSI, however, Bitcoin has turned out to be bearish. We can expect close demand level at $7600. Below the channel lies $7400 and $7200.
If the market surges up, the closest key level for the buyers is $8100 supply. Above the channel, the buyers may further locate supply at $8300 and $8500. As revealed on the hourly MACD, Bitcoin is attempting to drive down the zero level. A successful breach may position the market in a bearish condition.