Bitcoin (BTC) Price Thoughts Jun.11steemCreated with Sketch.

in #bitcoin • 6 years ago

Some thoughts on Bitcoin's price movement. The CFTS investigation of Bitcoin futures price manipulation seems to be a major factor in the price drop this weekend.

The Bigger Picture of Bitcoin

Bitcoin is still ranging inside a symmetrical triangle. As seen in the chart below, Bitcoin is testing strong support around $6700. This price zone represents a very strong area from which price can potentially bounce. If price can stabilize around this zone, it is possible for bulls to once again test the resistance zone. Several indicators show that BTC is oversold--which further supports a price bounce from $6700.

BTCJune11.png

If price is unable to stabilize at this major support zone, it is likely that the triangle will break downwards. In this scenario, price could test support as low as $5500.

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6 years ago in #bitcoin by
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