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Bitcoin Price Analysis, 11th June: BTC bullish again?

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

Currently, all top 10 coins have a fixed green color, but the highest performing coin is by far the previously reported Litecoin (LTC), reaching new annual highs today, up 10.71% at $ 126.47. Ethereum (ETH) is not far behind, with a nice rise of 5.69% to $ 244.90.

 

BTCUSD Dominant Trend: Bullish

Resistance Levels: $9200, $9400, $9600

Support Levels: $6800, $6600, $6400

 

Bitcoin Price Analysis:

In the early morning hours of Monday (June 10), Bitcoin price exploded at around $8,000 compared to a local double bottom weekend over around $7,500. The rally shocked investors and traders in the face of overly crypto expectations of a further drop in the price of the first cryptocurrency. Bitcoin price has returned to green because the main cryptocurrency is trading at $7,984, with gains of 1.50% in 24 hours. The new week started with a good note because today we have gone from $7,523 to $8,090. After falling to local levels below $7,500, Bitcoin price has now returned to visit more than $8,000 twice, indicating that the bulls are still putting up a fight. However, a break above $8,200 is required to invalidate the huge reinvestment scheme. At the time of writing, the market price was higher than the 21-day EMA red line and the upper limit of the Bollinger band indicator.

Bitcoin Price Chart 11th June
Bitcoin Price Chart 11th June

However, the main cryptocurrency by market value currently has a price of $8,040, after having reached a maximum of $8,107 yesterday. As a result, the rebound in the recovery can continue, with prices reaching $8,500 in the coming days. On the positive side, Bitcoin price could face resistance of $9,200, $9,400 and $9,600, with the upper edge of the bearish trend representing bearish highs and lows. However, the recovery may be short-lived if trade volumes remain anemic. Given an increasing relative strength index 14 in the 4-Hour chart, the bullish scenario seems quite realistic, as long as the price maintains its upward movement above $8,000. Otherwise, bearish feelings will begin to increase and attract more sellers to the market. With a support level of $6,800, we can expect more falls at the same time by touching the following support levels of $6,600 and $6,400, respectively.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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Bitcoin likely to return to $6,000 according to Wyckoff Logic

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