In this Bitcoin price analysis, BTCUSD fell to $8270 on Thursday after hitting $9,000 level on Wednesday for the first time in 2019. With this dip, what can traders expect in the month of June?
Bitcoin (BTC) price is in a bearish trend after four days of unsuccessful attempts to break above the $9,000 resistance level. The flagship cryptocurrency lost bullish momentum after the bulls met resistance resisted at the $9,000 price level, and as a result, the BTC price dropped in a downward correction to a low at $8,270 level.
If the bearish trend continues, the price of Bitcoin will likely to decline to a low at $8,000 or $8,200 price level. Looking at the Fibonacci retracement level, BTC is in a downward trend as the bears have broken below the 0.236 (23.6%) and 0.382 (38.2%) Fib. retracement levels. If the Bitcoin price continues to drop, it will reach the 0.786 Fib. retracement level or $8,000 price level. On the other hand, Bitcoin price will resume another bullish trend if it finds support at the $0.618 Fib. retracement level which is $8,100 price level.
As the 1-hour chart indicates, BTCUSD price is in a bearish trend zone as the bulls were resisted at the $9,000 price level which then resulted in a downward correction to a low at the $8,217 level. A bearish trend line has been drawn to ascertain how long the bearish trend will continue. If the trend line remains unbroken, the downtrend will continue.
On the other hand, if the trend line is broken and another candlestick closed on the opposite of the trend line, the bearish trend will be assumed terminated. However, the chart shows that the bearish trend has been discontinued to a sideways trend. The Moving Averages Convergence Divergence (MACD) Line and the signal line are below the zero line which is an indication of a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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