Topic: Bitcoin In Depth Analysis June 8 (Read 104 times)

Price knocking at the door of resistance from $7.7-7.9k.

Resistances & Supports.
Resistances - ​Same levels as yesterday

The $7.9-7.7k resistance level remains important to break above as price bounces back in that direction. A break above $7.8k would be a higher high in combination with the higher low, legitimizing the temporary uptrend.

Supports - Same levels as yesterday
The $7.5-7.4k support is holding for the moment, as we see a strong bounce off of this level.

Should price break below $7.4k we do have a support zone below from $7.2-6.9k, which will be a very important level to hold.

Classical Chart Patterns.
Inverse head & shoulders pattern - Remains intact

A break below the right shoulder would invalidate this pattern. The bottom of the right shoulder lines up roughly around $7.3k

Symmetrical Triangle - Remains intact

​The higher time frame pattern symmetrical triangle remains valid as long price does not move below $6.9k. A break of either trendline creating this pattern will be foretelling of the medium term price action.

Moving Averages.
The 200 EMA on the 4H chart also lines up with our $7.9k level listed above. This moving average has acted as a resistance and support in the past and we can expect it to act similar as we close in on this level in the future.

Ichimoku Cloud.
Looking ahead at resistance levels we see that the 4H cloud edge lines up with our above zone of resistance listed in the price action section at $7.9k. A break above the cloud edge would signify the beginning of an uptrend based on cloud metrics.

Oscillators.
The vortex indicator has signaled a bullish cross on the daily chart, similar to the reversal from the previous lows.

Conclusion
The $7.9k level of resistance has a confluence of indicators which will act as resistance, meaning a break above this level will then flip those indicators to support. If we manage to break above that level that would be a major bullish signal and a sign of more significant upside to come. Consolidation below resistance is a bullish sign, showing buyers are in control chipping away at supply.


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