Bitcoin (BTC) Price Analysis June 7: Enjoys A Cluster of Technical Support Levels

Bitcoin price analysis chart
Chart Source: TradingView

Bitcoin (BTC) Price Analysis June 7: Enjoys A Cluster of Technical Support Levels

  • Bitcoin buyers intimated by a reject from $8,000 but hold on to key support levels.
  • The MACD divergence suggests that it will not be long before we have seen Bitcoin comfortably above $8,000.

Bitcoin is enjoying significant support at $7,800; a zone has a confluence of technical levels. According to a confluence detector tool, these technical indicators range from the Simple Moving Average 100-15m, the SMA 5-4hour, the Bollinger Band 1h-Middle, the 23.6% Fib retracement level daily, the 50 SMA 1-hour, the 200 SMA 15-minutes the Bollinger Band 4-hour middle and the Bollinger Band 15-minutes.

BTC/USD 4-hour chart

Bitcoin price analysis chart
Chart source: Tradingview

In the event the king of cryptocurrencies butchers this level, the price will find a cushion around $7,640 where the 200 SMA 4-hour, the 61.8% Fib level and the 38.2% Fib retracement level converge.

The 2-hour chart for BTC/USD shows indecision in the market. Especially after the spike above $8,000 earlier today failed to find support. Bitcoin sideway trading says that the bulls are afraid to push for a move upwards lest they lose the key support at $7,800 and allow Bitcoin to test the nest support target at $7,500.

Meanwhile, technical indicators keep sending positive signals. The Relative Strength Index (RSI) continues to form a higher highs pattern from the level reached on June 4 around 21.62. The rising RSI trendline speaks volumes about the increasing confidence in the uptrend.

Also Read: Crypto-Market Update: Bitcoin [BTC] Skirts Below $8000, LTC Overtakes BCH, XRP Holds $0.4

The same rising trend is displayed by the Moving Average Convergence Divergence (MACD) whose divergence suggests that it will not be long before we saw Bitcoin comfortably above $8,000. A cross into the positive territory will convince the buyers to increase their positions as they focus on levels between $8,500 and $9,000 in the weekend trading sessions.

Bitcoin is facing resistance at $8,050; a position of decision for the price. The indicators converging at this level include the 4-hour previous high, the 5 SMA daily, the pivot point one-week S1 and the Bollinger Band upper.

Bitcoin Price Technical Indicators

Key Support: $7,640 – highlighted by 200 SMA 4-hour, the 61.8% Fib level and the 38.2% Fib retracement level.

Critical Resistance: $8,050 – the 4-hour previous high, the 5 SMA daily, the pivot point one-week S1 and the Bollinger Band upper.

RSI- Trend suggests higher BTC price correction.

MACD Trend hints breakout in the coming weekend sessions.

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Bitcoin (BTC) Price Analysis June 7: Enjoys A Cluster of Technical Support Levels
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Bitcoin (BTC) Price Analysis June 7: Enjoys A Cluster of Technical Support Levels
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Bitcoin buyers intimated by a reject from $8,000 but hold on to key support levels. The MACD divergence suggests that it will not be long before we have seen Bitcoin comfortably above $8,000.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 302 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @