Bitcoin price respected the $11,311 level and retraced towards $10,168 level. The crypto retested the level second time on June 23, it is currently pulling back before the continuation of Bullish trend.
By Azeez Mustapha
Updated
2 mins read
Resistance levels: $10,967, $11,311, $11,643
Support levels: $10,168, $9,398, $8,879
On the medium-term outlook, Bitcoin price is bullish. The coin is obeying the command from the Bulls every day. After short consolidation at the former resistance level of $9,398, the coin broke out at the level and rallied towards the $10,168 price level.
The Bulls maintain their momentum and the strong bullish candle emerged that broke up the $10,168, the price increased touched the resistance level at $11,311 on June 22, that is the level reached on February 2018. Bitcoin price respected the level and retraced towards $10,168 level. The crypto retested the level second time on June 23, is currently pulling back before the continuation of Bullish trend.
Bitcoin price retain its trading above the 21 periods EMA and 50 periods EMA and the two EMAs are bending following the trend direction; these indicate further increase in Bitcoin price. Nevertheless, the Stochastic Oscillator period 14 is at 60 levels with the signal lines bending down to connotes sell signal which may be a pullback. The Bitcoin may experience ranging movement briefly within the $10,168 – $10,967.
BTC/USD is Bullish on the short-term outlook. After the bullish breakout at $9,398 level, the bullish momentum increased and placed the price at the resistance level of $11,311. The evening star candle pattern emerged and the price dropped towards dynamic support level. On June 23, Bitcoin price touched the $11,311 level the second time, pulled back and currently consolidating around the just mentioned level.
However, the Stochastic Oscillator period 14 is above 20 levels pointing up to indicate further increase in Bitcoin price.
Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
