FX.co ★ BITCOIN trapped between $7,500 to $8,000 again, June 11, 2019

Bitcoin has been recently ranging between $7,500 to $8,000 after it was rejected off the $9,000 resistance area earlier with a daily close. The bearish momentum was quite impulsive. BTC was trading sideways for a few days without any clear direction that indicates the continuation of the preceding bullish trend.

Due to the strength of this sudden move which came after days of relative weakness and non-action, optimists believe that BTC is ready to resume a rally. Since hitting $9,000, Bitcoin hasn't been able to develop the bullish trend. Moreover, the Moving Average Convergence Divergence (MACD) is about to flip red and cross below equilibrium.

While there are more short to medium-term bears than bulls, many analysts advise traders to wait on the sidelines due to the lack of clear signals.

Meanwhile, the price has already managed to bounce off the $7,500 area for 3 times, including a false break as well. Though the MACD line is residing below the zero line, being above $7,500 with smaller bearish histograms in MACD, the price is still expected to have potential to push higher towards $8,000 and later towards $9,000 again.

Alternatively, if BTC closes below $7,500 on a daily basis, the bearish pressure will gain further impulsiveness and may push the price towards $6,000 again.

SUPPORT: 7,000, 7,500

RESISTANCE: 8,000, 8,400, 8,500, 9,000

BIAS: BULLISH

MOMENTUM: VOLATILE