BTC/USD June Update - BULLISH/BEARISH?
At the moment, I'm quite neutral on the price of Bitcoin.
Of course there are three scenarios that could happen:
1. There is a significant resistance level at $10500 (marked in pink), if price breaks and closes above this level creating new higher highs, I'm bullish on BTC.
2. Price could potentially be stuck in a range between $10500 and $8500.
3. There is a significant support level at $8500 (marked in blue), if price moves lower, breaks and closes below this level then I'm bearish on BTC.
Yesterday on June 1st, we saw the price of Bitcoin rally and break above our descending channel resistance line with a high of $10428 for the day. Yet we did not close above this line on the Daily, or the Weekly chart. This was a fake out breakout, and price moved back down to around the $9500 level.
Currently, price is still within' the long-term descending channel, and still within' the short-term ascending channel.
Are we bullish or bearish? Only time will tell.
If you'd like to check it out,
I also did a video of this analysis (including an analysis of ETH/USD) on Youtube: youtube.com/watch?v=Q3s0U_2dUSk
Of course there are three scenarios that could happen:
1. There is a significant resistance level at $10500 (marked in pink), if price breaks and closes above this level creating new higher highs, I'm bullish on BTC.
2. Price could potentially be stuck in a range between $10500 and $8500.
3. There is a significant support level at $8500 (marked in blue), if price moves lower, breaks and closes below this level then I'm bearish on BTC.
Yesterday on June 1st, we saw the price of Bitcoin rally and break above our descending channel resistance line with a high of $10428 for the day. Yet we did not close above this line on the Daily, or the Weekly chart. This was a fake out breakout, and price moved back down to around the $9500 level.
Currently, price is still within' the long-term descending channel, and still within' the short-term ascending channel.
Are we bullish or bearish? Only time will tell.
If you'd like to check it out,
I also did a video of this analysis (including an analysis of ETH/USD) on Youtube: youtube.com/watch?v=Q3s0U_2dUSk
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