Bitcoin Price Analysis – June 8

  • The Bitcoin price fell as the bulls were overwhelmed by the bears.
  • Bitcoin is likely to fall to its previous low of  $7,403.

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Bearish

Resistance: $7,600, $7,650, $7,700

Support: $7,500, $7,450, $7,400

Yesterday, June 7, the BTCUSD pair was yet to break the resistance level at $7,700. As a trader, you should continue to trade the asset with a range-bound market strategy until the asset comes out of the range-bound zone. However, the price is likely to fall if the resistance level was not broken. The Bitcoin price was trading at $7,588.88 at the time of writing.

The weekly chart shows that the Bitcoin price could not break the resistance level at $7,700 and, as a result, the price fell from $7,700. If you had short a trade at the resistance level, you should have made partial profits as the asset fell from $7,700. The asset is likely to fall to the previous low of $7,403.

If the asset did fall to its previous low, then a long trade should be taken at the support level. Meanwhile, the relative strength index period 14 is level 28, indicating that the market is oversold and suggesting the bulls will take control of the market.

BTCUSD Short-term Trend: Bearish

Bitcoin, BTCUSD, CryptoCompare chart

The daily chart shows that the asset price is in a bearish trend, falling from $7700 to $7,550.

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