Bears suppress Bulls and test their resilience

Bears suppress Bulls and test their resilience

Last week he showed us again that BTC doesn’t have enough strength to beat $ 10,000 and the bears are playing their game.

Since the publication of our last analysis, we have seen three unsuccessful attempts to beat $ 10K. The most promising attempt was on June 10, when BTC reached $ 9,992 (binance), but the bears did not allow more. Following days, was BTC shot down to $ 9,000 and here he bounced several times, that confirmed importance of this support zone.

BTC currently trades around $ 9,300 (binance) and the bulls faces resistance at $ 9,500, from where the bears are successfully correcting it.

Technical analysis says:

  • Multiple bounce from $ 9,000 and confirmation of the current bull support zone
  • Very important support remains at $ 8,400, if it breaks possible drop to $ 7,500
  • Current resistance at $ 9,500, overcoming can be a possible impulse for next attempt at $ 10K
  • Strong resistance at $ 10,000 it is possible to overcome only with high buy volumes, preferably in a combination with significant and good news
  • Volume in market is controlled by bears, so sales
  • Probability of movement in the range of $ 9000 – $ 10000

Trading tips:

  • Open LONG in the area of ​​$ 9000 SL 5%
  • Open SHORT in the area of $ 9500 SL 5%

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