Technical analysis Bitcoin. BTC-USD on June 10, 2018

June 10, 2018


The price stepped down, you may notice that the market is testing the downtrend channel (which we moved in earlier) and getting closer to the bottom edge of the triangle in the long-term support zone near 6950. Now there are no reasons for panic, while the price is moving inside of the triangle we have a possibility to bounce and form the movement towards its upper edge. But the beak of the triangle and consolidation below 6950 will indicate the possible oscillation within 6950-6500. Now the price can consolidate in 7150-7300 zone for a while, forming the ground for further sell impulse. We may expect the bounce from the bottom edge of the triangle, but once we do this we need to confirm the trend reverse, otherwise, we can get into a bull trap with further fall.  If to follow this scenario we should expect the movement towards 6500 zone and wait for the trend reversal confirmation. IMPORTANT: we are in the bearish trend now and the downtrend movement can be fast as well as the anomalistic impulsive growth, be careful, use your risk management and distribute your deposit.


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