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    Bitcoin price chart analysis: minor technical setback

    By Nathan Batchelor

    16:26, 15 June 2020

    Bitcoin price chart analysis

    Bitcoin eroded its current monthly gains last week, following another failed upside attempt at the psychological $10,000 level.

    Bitcoin price chart analysis shows that as long as bulls continue to defend the $8,700 support level then the recent decline may just be a minor setback.

    Bitcoin medium-term price trend

    Bitcoin slumped back towards the $9,000 support level last week, following yet another major upside rejection from the psychological $10,000 level.

    Due to the positive fundamental surrounding Bitcoin at the moment, it is possible that the latest price decline may be just a temporary setback.

    Bitcoin price technical analysis shows that bulls could still rally the price back towards the $10,000 resistance level while the price trades above the $8,700 level.

    Bitcoin price technical analysis

    The daily time frame shows that the price is still creating major higher price lows, which indicates medium-term dip-buying interest remains strong.

    Traders should note that a drop below the $8,700 could provoke strong technical selling towards the $8,000 and possibly $7,000 levels.

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    Gold

    2,687.62 Price
    +0.710% 1D Chg, %
    Long position overnight fee -0.0174%
    Short position overnight fee 0.0092%
    Overnight fee time 22:00 (UTC)
    Spread 0.30

    US100

    20,730.80 Price
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    BTC/USD

    99,041.30 Price
    +0.810% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 106.00

    Bitcoin short-term price trend

    Bitcoin price technical analysis continues to highlight that bulls remain in control while the price trades above the $9,400 support level.

    The lower time frames currently show that a large ascending triangle pattern has recently formed.

    Bitcoin price technical analysis

    Typically ascending triangle patterns are considered to be bullish reversal patterns.

    According to the size of the bullish reversal pattern, the BTC/USD pair could still rally towards the $11,600 resistance area.

    Should the price move below the $9,100 level then a bearish breakout from the ascending triangle pattern will take place.

    Bitcoin technical summary

    Bitcoin price chart technical analysis highlights that the cryptocurrency has recently declined.The bullish case remains for BTC/USD remains intact while the price trades above the $8,700 support level.

    Markets in this article

    BTC/USD
    Bitcoin / USD
    99041.30 USD
    796.2 +0.810%

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