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Samson Ononeme

21 June 2018

Cryptocurrency

21 June BTCUSD Price Technical Forecast: Will BTC drop below $6,000?

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Is still possible for BTC to drop below the $6,000 mark in the upcoming days? What does the following 21 June BTCUSD Price Technical Forecast explain?

21 June, Swissquote – Due to the low volume of the entire cryptocurrency market, it is difficult to conclude that bears have lost control over the market. But, over the past 9 days, BTC has been able to secure some momentum with consecutive daily buy candles.

Will BTC drop below $6,000?

Throughout May 29 to June 8 and from May 17 to May 21, BTC had demonstrated short-term optimism. However, large sell-offs triggered by the lack of volume led BTC to continuously drop from the $8,000 mark.

It is still possible for BTC to drop below the $6,000 mark if a large sell-off is recorded in the upcoming days, below the $6,800 region. If BTC rebounds to $7,000 and breaks a key resistance level at that region, it is possible for BTC to initiate a mid-term rally. Currently, investors need to observe the market and the volume to see the next movement of the market.

21 June BTCUSD Price Technical Forecast

Our pivot (invalidation) point stands at 6580.

Our preference 

As Long as 6580 is support look for 7214.

Alternative scenario

The downside breakout of 6580 would call for 6340 and 6197.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 6751 and 6696).

BITCOIN

Disclaimer

This article 21 June BTCUSD Price Technical Forecast was provided by Swissquote. While every effort has been made to ensure that the data quoted and used for the research behind this document is reliable, there is no guarantee that it is correct, and Swissquote Bank and its subsidiaries can accept no liability whatsoever in respect of any errors or omissions, or regarding the accuracy, completeness or reliability of the information contained herein.

This document does not constitute a recommendation to sell and/or buy any financial products and is not to be considered as a solicitation and/or an offer to enter into any transaction. This document is a piece of economic research and is not intended to constitute investment advice, nor to solicit dealing in securities or in any other kind of investments.


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