Bitcoin to surge to $8200, but $7000 might be next after that

11 Jun, 2019
by Lourens Pepler
Price Analysis
Bitcoin to surge to $8200, but $7000 might be next after that

After a nice increase in price yesterday, Bitcoin ended up moving sideways for the rest of the day. Can we expect another spike for today, or is BTC on its way to $7000? This is our BTC analysis for June 11, 2019.

Highlights:

- BTC outside of downward momentum

- RSI aboive 50

- Spike to $8200, before dip to $7000?

Starting off on the 4 hour chart we can see that BTC is now trading outside of momentum on RSI, indicating we will see price rise for a bit, until a lower high is formed on the RSI. A lower high on the RSI tells us that buying power has run out of steam and that selling pressure is increasing.

Taking a look at price, we are able to draw two downtrend lines. Our first downtrend line started forming after the peak of 13 May, which we then draw through to today's price. You can see that currently this downtrend line is acting as resistance for price.

Up next we have the downtrend line which started forming from the 27 of May, and drawing it through to today, we can see that we have not yet hit the downtrend line. This tells us that we still have resistance above us to hit, indicating that we can see price reach $8200, before momentum falls back below trend on RSI.

BTC/USD chart provided by Tradingview

Moving over to a 15min chart, we can now see how momentum wants to push up, with RSI forming an uptrend. Currently being below the trend, and also being below 50, indicates that momentum will return to the trend. This will cause the price to rise as RSI moves back above 50, and our trend line.

BTC/USD chart provided by Tradingview

Target for the spike to come will be near $8200, which is the level at which it will hit our 2nd downtrend line on price. Support is currently $7900 while momentum is still strong. As soon as this extension on price runs out of steam, we will see BTC fall back below trend on our 4hour RSI, which could be the start of the dip to $7000.

Do you think BTC is bullish and can push onwards to $10000 from here, or do we still need to revisit $6000? Let us know what you think in the comments below!

Disclaimer: Keep in mind this not investment or trading advice, just the opinion of our analysts. As always, do your own research, make your own decisions.

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