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Bitcoin Price Analysis, 18th June: BTC Dominant Trend is Bullish

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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.

Bitcoin price has reached its highest level since May 2018, with the growing cryptocurrency showing no signs of stopping. Bitcoin exceeded $9,000 on Sunday – June 16, starting 2019 with well below $4,000. Its price at the time of writing this article is $9,300, almost 20% from one week ago.

 

BTCUSD Dominant Trend: Bullish

Resistance Levels: $10000, $10100, $10200

Support Levels: $8200, $8000, $7800

 

Bitcoin Price Analysis

BTC/USD is operating firmly in the $9,000 price range as the bulls seek stabilization. The BTC/USD was gaining momentum early Monday, before meeting with sellers at $9,480. Bitcoin price was forced to dive and try again $9,000, but the buyers quickly invested and bought for it. The market price moves to the upper limit of the Bollinger Bands indicator and is trading well above the 50-day MA. The next major upside is right in front of us and extends through the $9,400 area. If the bulls get enough momentum, a breakthrough could return the $10,000 mark. Bitcoin raised profits to $9,350 but dropped to $9,300. It is important that the BTC/USD exceeds the resistance of $9,400 to allow buyers to focus on levels ranging from $9,800 to $10,000.

Bitcoin price chart 18th June
Bitcoin price chart 18th June

On the other hand, there are many supports close to the $9,000 and $8,500 levels. The main support is close to $8200 and, if there is more downside, the price could review the support of $9,000. In addition, a crucial bull trend line is forming with support near $8,750 on the hourly chart of the BTC/USD pair. On the positive side, the initial resistance is around $9,600 and $9,800. If there is a bullish break above $9,800 and a downtrend line that connects, there may be more rises. The following key resistances will approach $10,000, $10,100 and $10,200. Looking at the chart, Bitcoin price clearly recovered above $9,200 after a strong downward correction. Now it is negotiating well above $9,300 and is expected to exceed $9,400, $9,500 and $9,600 in future sessions. The main objective of this week could be $10,000 and the RSI 14 signal line is currently well above the 50 levels.

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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