After a lengthy sideways movement, the Bitcoin price fell by more than 10 percent on June 10. It thus broke through the support described by the Triangle Pattern, which had been in place since February.
The Bitcoin evolution price fell this week
After a sideways movement since mid-May, the price fell on June 10th under the support described by the Triangle Pattern. On the whole, one comes to a rather bullish price assessment. The most important support is currently 6,190.01 Euro, the first interesting resistance is 5,620.55 Euro.
The bearish assessment of last week proved to be true; the price fell sharply after a longer sideways movement. The price fell back to the level of early April. On June 11th a lot was already said about possible reasons and Bitcoin evolution long-term consequences.
According to the daily chart, the triangle pattern has now been breached at lower prices. So shortly after the breakthrough, the support of the triangle pattern still serves as an approximate orientation, so that a recovery could still occur in principle.
The MACD in the four-hour chart (second panel from above) is strongly negative, but rising. The MACD line (blue) is currently rising above the signal (orange). The RSI is at 34 and thus bearish. However, it has been rising since June 11th. The indicators point to a rebound. Overall, one therefore comes to a rather bullish assessment.
Support and Resistance
The first support is at 5.620,55 Euro and is defined by the minimum reached on June 11th. Another support is described by the plateau between 30 March and 11 April at approximately 5,336.00 euros.
The first Resistance is with 6.190,01 euro and thus on the height of the EMA50. If the price should overcome this level, a further Resistance would be to be found on the height of the plateau with 6.525,84 euro.
Entry Points, Stop Losses and Targets
The rather bullish assessment motivates a long position. The two resistances offer themselves as targets. The stop loss should be set at the level of the first support at 5,620.55 Euros.
If the price falls below this stop loss, a short position would be a good choice. A first target would be found at the level of the second support at 5,336.00 euros, a second target approximately at 5,000 euros.