Bitcoin: Price Analysis, June 08

4

BTC/USD

The 20-day EMA is proving to be a major hurdle for Bitcoin. Today, the price has turned down once again. Both the moving averages and the RSI are falling, which is a negative sign. If the immediate support at the small trendline breaks, the digital currency can fall to $7,433, $7,317 and $7,100.




BTC




The first signs of recovery will be when the BTC/USD pair breaks out and sustains above the 20-day EMA. Confirmation of a change in the short-term trend will be on a breakout and close above $7,941.68.

We continue to hold the view that the large range between $6,075-$12,172 is still in play. Therefore, traders should either wait for a break out above $7,941.68 or for a fall closer to $6,500 to initiate long positions.

1 Comment
  1. […] CONTINUE READING. […]

  2. Lucien Wittmann says

    thanks for sharing this information.have shared this link with others keep posting such information..

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