Bitcoin Price Analysis / Bitcoin Value Analysis : 3 June 2019
According to recent reports, the Japanese government has revised its laws to clarify and strengthen the control of the cryptocurrency, which has affected most of the currency.
BTCUSD (Bitcoin to USD) Dominant Trend: Ranging
Resistance Level: $9200, $9500, $9700
Support Level: $7900, $7500, $7100
For a few days, BTCUSD has been operating in the ascending and descending trends, and the 4-hour chart shows that the current market movement is an ascending triangle. If buyers can regain strength and then break the top half of the triangle upward to successfully complete the 21-day MA, it will reach the maximum and minimum to reach the resistance level of $9000 and, once it is made, there is no doubt that it will earn $9700.
Alternatively, if the price exceeds the lower side of the ascending triangle to the crossing point of the 50-day EMA blue line and then reaches the support level of $7900, the price could explode and lead to a recovery in the bearish trend, but in line with the recent rebound in the market and the strength of the buyers, it may not reach the support level, although sellers should be on alert because the RSI 14 signal line does not. It has not revealed the trend that the market will continue to the side by side operations for the time being.