Thursday, June 6, 2019
After two days in red, the market has recovered.
Actual support/resistance: $7'400/$8'000
After a brief test of the support, bitcoin recovered quickly. A bullish momentum was seen yesterday and the price attacked the $8'000, the key resistance where many trades have been recorded in recent weeks. However, the selling pressure is very strong at this level and the price has dropped rapidly to stabilize at around $7'700. It is likely that Bitcoin will be traded sideways for some time between $8'000 and $7'400. A significant buying pressure is necessary to hope to rise above the $8'000 level. If the buying pressure remains low, it is likely that the price will test the support again at $7'400.
In terms of technical indicators, the price is still below the 20-day moving average and there are no signs of trend reversals.
The analysis is based on the latest close price (00:00 UTC time, daily basis)
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