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Bitcoin Price Analysis, 12th June: BTC Ranging, What Next?

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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.

BTCUSD Dominant Trend: Ranging

Resistance Levels: $8600, $8800, $9000

Support Levels: $7100, $6900, $6700

 

Bitcoin Price Analysis

Bitcoin Price is currently trading at $7914. The market price is trading below the moving average with a period of 55, indicating a downward trend in cryptocurrency. For the time being, the market price fluctuates near the lower limit of the Bollinger Bands indicator and in the context of the Bitcoin exchange rate forecast; an application of $7100 is expected. This is where we should expect sellers to fight for further declines in Bitcoin price and further development of the bearish trend. The purpose of this movement is to provide a level of supply close to $6700. The best area for traders to buy Bitcoin is near the upper limit of the Bollinger Bands indicator and when the price rises to a supply level of $8040 while the RSI 14 signal line is considering the way forward.

Bitcoin price chart 12th June
Bitcoin price chart 12th June

In addition, the cancellation of the option to continue the decrease in Bitcoin price will correspond to the decomposition of the area around the upper edge of the Bollinger Bands indicator, as well as to the moving average with a period of 55 and closing of the prices of the higher pair above the supply level of $9000. This will indicate a change in the current uptrend of BTC/USD. In the case of a break in the lower edge of the Bollinger Bands, an acceleration of the cryptocurrency decrease is expected, which implies a test supply level of $8600. In addition, it is expected to continue to fall in an area below the $7000 request. The conservative zone for the Bitcoin sale is at the supply level of $8600. When canceling the increase option, the cryptocurrency is a breakdown of the demand level of $6700. In this case, more falls are expected.

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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