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Bitcoin Price Analysis: 5 June, Bearish Trend Ahead?

bitcoin-price-analysis-5-june-bearish-trend-ahead
At the end of yesterday (June 4, 2019), it seems that bitcoin price made some significant gains over the past few weeks despite going under the $8k mark.

At the end of yesterday (June 4, 2019), it seems that despite bitcoin price fell under the $8000 mark, it has still made some significant gains over the past few weeks.

 

BTC to USD Dominant Trend: Bearish

Resistance Levels: $9500, $10000, $10500

Support Levels: $6800, $6300, $5800

 

Bitcoin Price Analysis:

The Bitcoin sellers were under full control on Tuesday as the price went from $8,110 to $ 7,665. The Bears were in control as soon as the markets opened on Tuesday, going from $8,110 to $7,950. After that, the price followed a horizontal trend for some time before collapsing under the pressure of sales, while the Bitcoin price went from $7,910 to $7,600, losing 4% of its value in one hour. Then, the market found support in the $7,600 line for three sessions, before the sellers retook charge and took the price down further to $7,450. Apparently, this woke the buyers when they took over the market and brought it back to $7,665 within the next two sessions.

 

At the same time, the Bitcoin price trend is still below the 100-day moving average curve (MA 20). On the downside, the closest support level is $6,800 and the last session has not yet crossed the lower edge of the channel model, suggesting that the price may return to an uptrend if it crosses the upper edge of the channel and make a retest then find its way up again (as shown in the 4 hour chart with the red arrows). The signal line has moved away from the moving average convergence/divergence (MACD), suggesting a bearish momentum while the Relative Strength Index (RSI) indicator is trying to recover from the oversold zone. If the bulls are lucky, they could form a large wick at $9,651 or a little more before the price stabilizes for its new downtrend. It has become very clear now that it will be difficult for the price to break the $10,000 mark, which is also a very important psychological level and many people may want to sell there. Just as there are many people who want to sell close to $10,000, there are also many people who want to sell short at that time.

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Written by Janet F. Sanchez

Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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