BTC/USD technical analysis, June 12

12.06.2020 09:05:32

On June 1, Bitcoin broke up the psychological level of $10000, but could not resist and fell to the support level of $9500. On June 10, Bitcoin made a new attempt to overcome $10000, but it was unsuccessful and Bitcoin began to show a serious bearish correction. If the last time the BTC/USD pair stopped at $9500, this time the BTC/USD pair fell lower, breaking several support levels of $9500 and $9300 at once, reaching a minimum of $9078. At the time of publication, Bitcoin is trying to recover and is trading at $9449. This is below the $9500 level.

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And now, to continue the recovery, the BTC/USD pair will have to overcome the resistance at the level of $9500 (the previous key support level). If successful, the next intermediate resistance is at the level of $9540, which corresponds to the Fibonacci level of a 50% decrease from $9988 to $9089. If the pair passes this level, then the bearish pressure will begin to decrease and the pair will get a chance to return to the area of ​​ $9750.

On the other hand, if the BTC/USD pair fails to overcome $9500, it will resume correction to the support area of ​​$9300. If the bears can lower the price of Bitcoin below this mark, then ahead of the pair BTC/USD is waiting for support at the level of $9100.

MACD completes the formation in the bearish zone. RSI exits the oversold zone, heading to the 50 mark.