- On the downside, if the 0.382 (38.2%) Fib. retracement level was broken, the BTC coin would have been in a downtrend zone.
- A bullish break at the $8,000 price level will propel the crypto to rally above $9,000 price level.
BTC/USD Medium-term Trend: Bullish
- Resistance Levels: $8,000, $8,500 ¸ $9,000
- Support levels: $7,500, $7,000, $6, 500
Yesterday, June 5, the price of Bitcoin was in a bullish trend. There was no significant change in pricing in the last 24 hours. From the price action, after reaching the $8,806 overhead resistance, the BTC price retraced to the 12-day EMA. At other times, the price would retrace to the 26-day EMA. The BTC market fell to the 12-day EMA and the 26-day EMA at a low of $7,692 price level.
From the Fibonacci retracement level, the market fell exactly to the support of the 0.382 (38.2%) Fib. retracement level. This is the continuation zone of Fib retracement level for a bullish trend. The crypto’s price is likely to resume a bullish move to retest the $9,000 resistance level. On the downside, if the 0.382 (38.2%) Fib. retracement level was broken, the BTC coin would have been in a downtrend zone. Meanwhile, the MACD line and the signal line are above the zero line which indicates is a buy signal.
BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the BTC price is in a sideways trend. The BTC market is now trading between the levels of $7,600 and $8,000. The crypto’s price is now trading horizontally above the $7,600 price level. The BTC market is also characterized by small body candlesticks like Doji and spinning tops.
These small body candlesticks described the indecision between the buyers and the sellers. A bullish break at the $8,000 price level will propel the crypto to rally above the $9,000 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Bitcoin’s price is $7,860.61 BTC/USD exchange rate today. The real-time BTC market cap of $139.47 Billion currently ranks #1 with a chart dominance at 55.64%, daily trading volume of $5.4 Billion and live coin value change of BTC 0.79 in the last 24 hours.
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The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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