Bitcoin Price Analysis – June 22

  • Price of Bitcoin has fallen to its previous low at  $6,398.
  • If you had placed a pending order of  "Sell Stop", you would have made partials profits.

Bitcoin, BTCUSD, CryptoCompare chartSource: CryptoCompare

BTCUSD Medium-term Trend: Bearish

Resistance Levels: $6,400, $6,500, $6,600

Support Levels: $6,200, $6,100, $6,000

Yesterday, June 21, the BTCUSD pair was in a bullish trend with a closing price of  $6,744.57. Today, price of Bitcoin is in a bearish trend with a fallen price of $6,298  as at the time of writing. The cryptoasset  is out of the range-bound zone of  $7,000 and $6,500. If you had  placed a pending order of " Sell Stop" as suggested earlier on, you would have made partials profits.

Nevertheless, you can initiate a buy setup at the support level with the application of Bollinger Bands. Price of Bitcoin has fallen to its previous low. When price test the first low of the Bollinger Bands, it is a buy signal. In the same vein, if it touches another low at the lower band, it is a confirmation of the buy signal.  Also,from the weekly chart, the MACD line and the signal line are below the zero line which indicates a sell signal.

In addition, the 12-day EMA and 26-day EMA are above the price of Bitcoin which indicates that the bearish trend is ongoing.

BTCUSD Short-term Trend: Ranging

Bitcoin, BTCUSD, CryptoCompare chartSource: CryptoCompare

On the daily chart, price of Bitcoin is in a range bound movement. The cryptoasset was ranged bound at the price of $6,700. Then,later price fell to the low of $6,300.

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