empty
 
 
10.06.2021 05:01 PM
Trading Signal for BTC/USD (Bitcoin), for June 10 - 11, 2021: Range

This image is no longer relevant

In the early hours of the American session, BTC / USD (Bitcoin) is trading above the 2/8 murray level around the 37,500 zone, its highest level in more than a week. When it reached the low of 31,250, it continued with an upward rebound, which would now be facing a top of the technical pattern.

On the other hand, the cryptocurrency market is losing the optimism that characterizes it, as some traders and investors believe that the price of Bitcoin could fall below the psychological level of $30,000

On the other hand, at the technical level we notice a strong consolidation above 1/8 of a murray, it has left a triple bottom. This is a sign that the market does not intend to leave this price level. It is believed to be a good price of BTC. Therefore, we can buy with targets at the 200 EMA around 41,617 in the short term.

If you look at the chart, Bitcoin has been trading within a range rectangle between 31,150 and 38,500. It means that if BTC consolidates above this level, there could be a strong bullish momentum to the zone of 4/8 murray, which coincides with the psychological level of $50,000.

Our recommendation is to buy the Bitcoin above 2/8 of murray and if it makes a technical bounce to the 21 SMA around 34,152, with targets at 41,617 and 50,000.

Support and Resistance Levels for June 10 – 11, 2021

Resistance (3) 41,755

Resistance (2) 39,343

Resistance (1) 37,797

----------------------------

Support (1) 35,085

Support (2) 33,483

Support (3) 31,114

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback