Bitcoin price chart analysis: breakout on the horizon
15:09, 8 June 2020
Bitcoin suffered a setback last week, after the cryptocurrency lost over $800.00 during a five-minute trading period.
Bitcoin price chart analysis shows that bulls need to hold the price above the $10,100 level in order to activate a large bullish reversal pattern.
Bitcoin medium-term price trend
Bitcoin reversed towards the $9,200 support area last week, after bulls failed to breakout above the technically important $10,500 resistance level.
Bitcoin price technical analysis shows that bulls could still attack towards the $11,600 resistance level, and possibly higher over the medium-term.
If bulls can perform multiple daily price closes above the $10,000 level then another technical attempt towards the $10,500 level appears possible.
Gains towards the $11,600 and $13,200 level seems likely if a breakout above the $10,500 level takes place.
To the downside, the daily time shows that buyers must keep the price above the $9,200 level. Losses below this area could cause a deeper decline towards the $8,800 area.
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Bitcoin short-term price trend
Bitcoin price technical analysis continues to highlight that bulls remain in control while the price trades above the $9,300 support level.
The lower time frames show that a bullish inverted head and shoulders pattern has formed, following the recent rally towards the $10,500 level.
According to the size of the bullish reversal pattern, the BTC/USD pair could rally towards the $11,600 resistance area.
Price stabilization above the $10,100 level is currently required to activate the bullish reversal pattern.
Bitcoin technical summary
Bitcoin price chart technical analysis highlights that the cryptocurrency can rally towards the $11,600 level if price remains above the $9,000 support level.
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