Bitcoin Price Analysis – June 21

Azeez Mustapha
  • The upper band of the Bollinger Bands resisted the price and fell to the range-bound zone.
  • The Bollinger Band contracted at the current market section because of the range-bound movement.

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Bullish

Resistance Levels: $6,850, $6,900, $6,950

Support Levels: $6,600, $6,550, $6,500

Yesterday, June 20, the Bitcoin price was in a range-bound market. It traded and closed at $6,744.57. The cryptoasset is still in a range-bound market, trading within the confined levels. The chart shows that the Bollinger Bands contracted at those levels where the arrows are pointing. Bitcoin traded without any price movement at the current market section.

The market has been range-bound and in a horizontal pattern. At the current market segment where the arrow is pointing, the upper band of the Bollinger Bands resisted the price and it fell to the range-bound zone. The upper and lower bands of Bollinger Bands acted as resistance and support.

Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the Bitcoin price is above the 12-day EMA and 26-day EMA which indicates that the bullish trend is ongoing

BTCUSD Short-term Trend: Ranging

Bitcoin, BTCUSD, CryptoCompare chart

The daily chart shows that the Bitcoin price was in a range-bound movement at $6,600. It then had a bullish movement to $6,750. The cryptoasset went into a full range-bound movement at the current market price.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.