The chart above is 4h time frame.
I am using STOCHASTIC RSI
Moving average(30, 50, 100, 200).
Trendline.
The stochastic RSI is in the oversold zone which probably pushes the market to rise up. I also draw a trendline which is symmetrical triangle support and resistance level. When the market trend breaks the resistance level, hopefully, Bitcoin will continue to climb up again, but when it breaks the 35k support level the bearish is on our side.
For the first time, Bitcoin has broken the 100SMA on June 3rd, 2021 which is 39,5k, and then failed down to 35k. Actually, the consolidation overall continues around the Symmetrical Triangle, the price is in the accumulation zone with the market price of 35.8k.
What will happen? In my own opinion, which is not financial advice, Bitcoin will retrace its bull when it will be above the symmetrical triangle. A huge uptrend is around us. Let's wait and see if it will break above the symmetrical triangle or below and the 50 Moving average crosses above 100 Moving average. In case, Bitcoin trend will be above the 39k it will probably go up to 43k which is SMA200. Otherwise, 31k is possible as well.
In the time of writing
Bitcoin
Bitcoin (BTC)
is around 35k on the support level.
What do you think of the market price? go up or down?
Fetinafety
