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Bitcoin Is Significantly Back Above $8000, Is Another Bull-run Coming? | FXTimes.com

Bitcoin (BTC) Price Analysis – June 12

The Bitcoin market has seen a price increase of 10% during the weekly trading after rising from $7600 to the current trading price at $8400. We can expect more positive move if the buyers continue to increase demand. Otherwise, Bitcoin may fall back to $8000 – $7500 range.

BTC/USD Long-term Trend: Bullish (1D chart)

Key Levels:
Resistance levels: $8800, $9000
Support levels: $8000, $7500

The past two day’s price increase has eventually paced Bitcoin above the $8000 resistance after a strong consolidation between the $7500 – $8000 areas for over a week. The break up has now brought BTC trading to a current price around $8400 at the moment. The $7500 rebound level can be revealed on the daily RSI at the 50 where the market found solid support. If the RSI continues to level up, the $8800 and $9000 resistance might be tested in a short time.

BTCUSD, Daily Chart – June 14

On the other hand, a bearish pressure might fall the market back to $8000 and $7500 supports (the consolidation range). The recent upward movement was revealed on the daily Stochastic RSI, now faces strong resistance at the 50 level, which has become a nightmare for the bulls for the past 21days. However, Bitcoin is still respecting the ascending channel for now.

BTC/USD Medium -term Trend: Bearish (4H Chart)

Following a bearish scenario which began after the $9000 area in late May, Bitcoin’s price dropped to around $7500 before the double bottom pattern that led to the three days price increase to $4800 and carving a descending channel pattern for the market.

BTCUSD, 4H Chart – June 14

Now testing the upper channel, Bitcoin may drop to $8000 and $76000 supports anytime from now. The potential fall can be pictured on the 4-hours Stochastic RSI, testing the100 level at the overbought zone. If the 4-hours RSI crosses to the overbought territory, a further rise could surge price to $8750 and $8900 resistance, above the channel.

Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Azeez M. Mustapha

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management.
e-mail: [email protected]

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