2 Bitcoin levels to watch now: momentum falling back to support

18 Jun, 2019
by Lourens Pepler
Price Analysis
2 Bitcoin levels to watch now: momentum falling back to support

After a failed attempt at breaking $9500, Bitcoin's momentum is falling back towards support. Could this mean a dump lies ahead, or that Bitcoin could simply move sideways for a day or two? This is the BTC Price Analysis for 18 June 2019.

Highlights:

- Daily still above RSI trend

- 1 and 4hour momentum trending down

- $9050 and $8800 levels to watch for support

If we take a quick look at the daily chart, we can see that BTC is still above the RSI trend of ours, telling us that the price is still strong and that we can expect these higher levels to hold. 

BTC/USD chart provided by Tradingview

Looking towards price for possible support levels, we have some minor support at $9050, which we believe will not be strong enough to hold as support. Below that we have our main support level of $8800. A week ago this was tough resistance, and since BTC was able to break it and hold above it, we have to assume that it is now strong support.

BTC/USD chart provided by Tradingview

Lastly, taking a look at the hourly chart, we are able to get a better view of the falling momentum and is able to draw a downtrend line on RSI. We can see that momentum bounced when it reached 40 RSI, which we can now identify as the minor support. A further dip in momentum would bring the RSI closer towards 30, which in turn would bring the price down to our main support of $8800.

BTC/USD chart provided by Tradingview

Do you agree that BTC can find support at $8800, or is momentum too strong and we won't see BTC go below $9000? 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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