Bitcoin in bull mode: bullish action with $10K and $12K as next targets

17 Jun, 2019
by Lourens Pepler
Price Analysis
Bitcoin in bull mode: bullish action with $10K and $12K as next targets

Bitcoin is showing positive signs today, with bullish action expected and $10,000 as the next target. This is the BTC price analysis for 17 June 2019.

Highlights:

- Back above daily RSI trend

- $10k first target

- Support at $8800 and $8400

Starting off with a daily chart we can see that Bitcoin is back above the daily trend and has already provided us with two daily closes above the line, telling us that BTC is back to trend and that we should expect bullish action, as momentum continues higher.

BTC/USD chart provided by Tradingview

Since BTC is now making new yearly highs, we have to look back to previous price action to see what levels might act as resistance. Zooming out on the daily, we are able to spot two price levels that can act as resistance for this rise to come.

First up we have $10,000, which was the high in May 2018. This is also a psychological price point, which can act as a strong magnet for price to reach it. Since momentum is back above the trend could mean that BTC might push past $10,000 and on to the next resistance level.

Up next we have the strongest resistance level that must be breached for BTC to continue onto new all time highs, the $12,000 mark. For now we will only focus on the $10k level as next resistance, since we are still below it.

BTC/USD chart provided by Tradingview

Looking at a smaller time frame, the hourly chart, we can lay out possible support levels. Below us we have $8800, which was our resistance at first, but is now turned into support. In case momentum decides to take a stronger dip, then we might see BTC fall down to $8400.

BTC/USD chart provided by Tradingview

With higher time frame momentum being back in bullish mode, we doubt that BTC will experience a strong dip in the near future. We believe the worst case for BTC would be that it will push sideways for a few days, between the $9400 and $8800 range. This in turn will provide altcoins an opportunity to gain some value that was lost due to the increase in BTC’s price.

Do you agree that Bitcoin is back to being bullish, or is price too overextended and is overdue a dip? 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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