Bitcoin price forecast – June 11th

The price of Bitcoin will gradually trade in the positive area, keeping profits of up to 1.38% within 24 hours of trading.

BTC / USD Long Term Trend: Downward (Daily Chart)

Key levels:

Resistance levels: $ 45,000, $ 47,000, $ 49,000

Support levels: $ 30,000, $ 28,000, $ 26,000

BTCUSD – Daily chart

BTC / USD currently rises above 1.3% overnight and has remained unchanged since the beginning of the day. The first digital coin is recovering from an intraday low of $ 35,944 during trading at $ 37,198 at the time of writing. The market price has been able to remain above the 9- and 21-day moving averages, and this barrier prevents BTC from falling below $ 35,000.

Bitcoin Price Forecast: What could be the next direction for Bitcoin?

BTC / USD will try to rise above the $ 38,000 resistance as the coin falls above the 9-day and 21-day moving averages. As a new uptrend begins to emerge, buyers can usually use moving averages as the closest support level. But when the red line of the 9-day marketing permit crosses the green line of the 21-day marketing authorization, traders could confirm that the market will remain in the uptrend.

In addition, if the market decides to Bitcoin price may fall below the 9-day and 21-day moving averages, $ 35,000, and if this subsidy does not include sales; we may see another drop to $ 30,000, $ 28,000, and critically $ 26,000. However, the resistance levels are $ 30,000, $ 28,000, and $ 26,000, respectively. At the same time, the signal line of the relative intensity index (14) moves in the same direction below the 45 level, indicating lateral movement.

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BTC / USD Medium Term Trend: Fluctuating (4H chart)

Looking at the four-hour chart, the bears wanted to return to the market, bringing the price from $ 37,600 to $ 36,835, but the bulls needed support quickly by choosing the price from where it currently trades at $ 36,944, which is more than 9-day and 21-day moving averages. Meanwhile, $ 40,000 and more can enter the game if the BTC / USD breaks above the channel cap.

BTCUSD – 4 hour chart

However, if Bitcoin’s price breach is below the 9- and 21-day moving averages, a support level of $ 34,500 and below may be in the midst. At the same time, when the relative intensity index (14) moves below the 60 level, the falling signals are likely to be reproducible.

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