FX.co ★ BITCOIN to continue decline? June 28, 2019

Bitcoin recently faced a drastic fall from the peak near $14,000 towards $10,500 support area with a daily close. Such bearish pressure is seen to be a wave retracement before the price continues to climb higher in the coming days.

According to analysis and research on the recent fall, it is considered healthy for the market momentum to grow if the price remains above $10,000 area with a daily close. Analysts think that slumps like the one when BTC prices plunged below $11,000 from a high of almost $14,000 just yesterday are welcome since they shake out the "weak hands". The recent rally developed in light of the Federal Reserve's latest program of quantitative easing. It is believed that people are hedging against the controversial policy by investing in alternative assets such as Bitcoin.

Such massive volatility enabled many investors to question whether $13,800 was a long-term top for Bitcoin. Please note that it could be the perfect time to increase investment in the cryptocurrency, as it may continue its journey upwards soon.

Meanwhile, Bitcoin is struggling to jump above $11,500 after bouncing off the $10,500 area while being held by the dynamic level resistances including 20 EMA, Tenkan, and Kijun line. The breakout lower was analyzed earlier when the price broke below Kumo Cloud support and Chikou Span broke the price line support. Currently the price is expected to extend its rally though the market is volatile and corrective. Nevertheless, the price could break above $11,500 remaining above $10,000 with a daily close. If so, this will indicate further upward pressure towards $13,000 and later towards $14,000 and $15,000 in the coming days.

SUPPORT: 10,000, 10,500

RESISTANCE: 11,500, 12,000, 13,000, 14,000

BIAS: BULLISH

MOMENTUM: VOLATILE