Bitcoin Price Analysis: 8 June, Bitcoin 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.

General Introduction (Bitcoin to USD analysis):

Many exciting events come to market this week; however, none of them had a significant effect on Bitcoin movements. The first digital currency was influenced mainly by technical factors and speculative feelings.

 

Bitcoin to Dollar, Dominant Trend: Bullish

Resistance Level: $9500, $10000, $10500

Support Level: $7000, $6500, $5000

 

 

Bitcoin bounced to $8,000, forming a double bottom leak, a bullish price structure, on the four-hour chart. The price break opened the doors at $8,400. In the upper route, BTC could face resistance at $8,350. A recovery of $8,350, if any, could be short-lived if the volume of operations remains low. A break below $7,432 (June 4 low) would reduce the case to a 21-day moving average drop to $7,790. The main cryptocurrency by market value is currently quoted at $8,012, after reaching a maximum of $8,124 today. As a result, the rebound in the recovery could continue, with prices reaching $8,500 over the weekend. Last week, Bitcoin posted good offers in both directions before ending with a flat note, a sign of indecision among buyers. A bearish reversal would be confirmed in the short term if prices closed below last week’s low of $8,000 on Sunday.

 

The previous 4-hour Bitcoin candle closed just above the resistance of $7,925, confirming a double-bottom leak. The model essentially represents a downtrend change. It should be noted that a double bottom leak is usually followed by an upward movement around the length of the space between the bottom and the neck, from $7,450 to $7,924 in this case which gives a potential upside of around $470 Thus, with an evasion already confirmed, BTC could reach $8,500 over the weekend. On the positive side, BTC could face resistance of $9,500, $10,000 and $10,500, the upper edge of the descending channel that represents bearish highs and lows. However, the recovery can be short-lived if the volumes of operations remain anemic. Considering an increasing relative strength index in the charts, the bullish scenario seems quite realistic, as long as the price rises above $8,000 in the near future. Otherwise, bearish sentiments will begin to rise and bring more sellers to the market.

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