Great May and Poor the beginning of June. What has happened with the most popular digital coin? Where will Bitcoin break $10,000? What will happen in the next few weeks?
We have been making our crypto analyses for some time now. Last time, we looked closer to FuturoCoin (FTO), one-of-a-kind digital coin in the crypto industry. Today, we come back to the mainstream. Let’s see what has changed on Bitcoin’s chart.
May was great, certainly
After a dynamic performance in May, the most known cryptocurrency gets out of breath. The formation of the ascending triangle was not fully accomplished. BTCUSD, after a slow but consistent uptrend, reached the level of $9,000, setting the highest resistance this year. However, the range of possibilities from the technical standpoint designed for the created formation was broader.
Currently, the price fluctuates at about $8,000, which is not a good prognosis for any breaking out. The exchange rate has stopped in the channel of $7,600-8,200, where the lack of determination from investors has been seen since a couple of days. In the result of June’s downside, the BTC price dropped $1,300 (almost 15%).
Now triangle, what next?
Bitcoin has strongly broken the support level of $8,200 set by the shoulder of the triangle and has not yet returned to re-testing this level.
Observing the chart on a 4-hour interval, we can see the break of the upward trendline that was initiated at the $8,200 level. The market tries to react, and the demand has already defended the bottom level of the channel’s line at $7,600 three times. What seems more important, the price has dropped below $8,000, which means it is more likely to re-test the support level at $7,600, and then at $7,000. If the demand mobilizes and the price comes back above $8,000, we can expect another growth to $9,000, and then to $9,500 which is the resistance created by the height of the ascending triangle.
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