FX.co ★ Bitcoin analysis for June, 12.2019

Bitcoin went up and did test the strong resistance at the price of $8.011. The 4H trend is still downward and buying at this stage looks very risky. Our advice is still to watch for selling opportunities.

Red downward cloud – Resistance

Span B Ichimoku –Top of the cloud resistance $8.108

Red line – Tenkan-sen (Support) $7.866

Blue line – Kijun- sen (Support 2) $7.760

Red rectangle – Support 3 ($7.457)

Yellow rectangle – Support 4 ($7.030)

Blue rectangle – Important resistance ($8.090)

The price did test and reject of the important resistance near $8.000, which is sign that buyers lost interest. We also found that price is inside of the4H Ichimoku Cloud, which is acting like resistance zone. Our advice is to in the direction of the trend. Watch for selling opportunities with downward targets at $7.457 and $7.030. As long as the BTC is trading below the Cloud, we are watching for selling opportunities.