The 1st of June saw Bitcoin reach a swing high of $10,400, only to make a sudden U-turn and retrace in price of over $1,000 USD in one day hitting the 61.8% fib levels before recovering and slowly making its way back up. We now find Bitcoin trading around the 38.2% fib, ($9,718).
The question is: “Is a new swing high underway to break $10,500 levels?”
The answer will only be given with time, but things are looking good and an imminent break out to the upside is likely in the next few days.
We have been trading above the daily 20 MA for 13 days since crossing above it. We can see wicks hugging it and buyers stepping in as support.
Be aware that volume has dropped slightly so look out for a break of support and a break of the daily MA 20 for a drop to the downside, but my belief is that we will see price action leave this support price zone (38.2% fib level) and move UP to test a possible new swing high, or at the very least hit prior swing high/resistance of $10,400.
Good luck and safe trading.
The question is: “Is a new swing high underway to break $10,500 levels?”
The answer will only be given with time, but things are looking good and an imminent break out to the upside is likely in the next few days.
We have been trading above the daily 20 MA for 13 days since crossing above it. We can see wicks hugging it and buyers stepping in as support.
Be aware that volume has dropped slightly so look out for a break of support and a break of the daily MA 20 for a drop to the downside, but my belief is that we will see price action leave this support price zone (38.2% fib level) and move UP to test a possible new swing high, or at the very least hit prior swing high/resistance of $10,400.
Good luck and safe trading.