empty
 
 
11.06.2018 11:17 AM
Bitcoin analysis for June 11, 2018

This image is no longer relevant

The Bitcoin (BTC) has been trading downwards. The price tested the level of $6.593. Following reports of six publicly listed companies launching their own cryptocurrency exchanges in Japan, three other firms listed on the Tokyo Stock Exchange have announced plans to enter the space with various crypto offerings. The technical picture on Bitcoin is bearish.

Trading recommendations:

According to the H1 time - frame, I found strong supply on the market, which is sign that buying looks very risky. I also found potential bearish flag in creation, which is sign that Bitocin went into consolidation. My advice is to watch for potential breakout of the consolidation to confirm further downward continuation. The downward target is set at the price of $6.372.

Support/Resistance

$6.800 – Intraday resistance

$6.594– Intraday support

$6.370 – Objective target

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback