FX.co ★ BTC analysis for 01.06.2020 - Trednline resistance is on the test, watch for potential selling opportunities

Industry news:

The first of bitcoin's spikes came after a price rally in haven markets on Friday – the day on which a US-sponsored drone attack killed Qassem Soleimani, a top Iranian military official. Investors moved into Gold, Oil, Palladium, and into any asset seen as havens in times of geopolitical tensions.

The close proximity between the price rise in traditional havens and that of bitcoin led analysts to correlate the cryptocurrency's gains with the US-Iran conflict.

Technical analysis:

Bitcoin has been trading upside. The resistance trend line at the price of $7.600 did hold successfully, wich is sign for potential downside rotation.

MACD oscillator is showing upside momentum and with slow line that is slopping to the upside..

Yellow rectangles – Support and first downward target

Resistance levels are seen at the price of $7.600 and $7.700

Support levels are set at the price of $7.250 and at the price of $6.885