Bitcoin is doing fine. It’s green on the last 24 hours at the tune of 0.75% and over the previous week by 4.79%. At press time, the mother of cryptocurrencies trades at $8192.
It’s beyond the $8000 psychological mark which has been a huge deal over the last few days. It’s growing. And when BTC grows, the cryptocurrency market grows as well. Let’s find out what technical analysis tells you for this cryptocurrency (king of all the rest) for today.
Things are looking suitable for BTC, as usual for the last few weeks. At June 12th, 15:09 UTC, Bitcoin’s price started to soar. It went all the way to 8237.5 in a matter of minutes. It looks good for sure, but how does it look if we bring technical analysis in?
The answer is not as right as you would think. The trading price at the time was of USD 8.117, which is above the pivot point for sure, and also above the first resistance level. The second one is at USD 8,027,5, which is already left behind.
So Bitcoin is on the uptrend in, and it’s trading green. How reliable is this perspective? For that, we turn to the monthly.
The monthly is always more relevant, and it’s very bullish.
In this scenario, we’re above the pivot point but beneath the first resistance level.
All moving averages are bu, and most technical indicators (eight out of 10) are bullish too.
Both supporting and resistance levels are far away from the current trading price, so there’s plenty of space for the price to fluctuate. Current trends say that things will keep going up without a doubt.
Bitcoin looks excellent for now. But just for now, things change quickly in crypto. The highest trading volumes we’ve seen have been in the price rising, but they could go down at any time.
So buy it if you must. But don’t be too confident.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.