Bitcoin Chart Analysis (6.11-6.17)  

Last week, starting from 21:00 on June 5th, the bitcoin seemed to recover from its steep decline. However, due to fact that US Commodity Futures Trading Commission starting its investigation on bitcoin and its price change, there was another decline from yesterday to today, which led many people to panic sell. In the chart, the reliable long-term support lines are broken and market trends are expected to decline or be crossed over sometime next week.

 Scenario 1

https // www. tradingview.com/x/p1 nymsBB / daybreak The movement is similar to what happened at the end of March 2018. At this point the bitcoin has dropped from $ 7,900 to $ 6,400 and a similar drop may occur.

Scenario 2

If the 60-day moving average line crosses the support line, you can expect to see a rebound up to $ 7,400.

Scenario 3:Downturn

If there is a decline, the expected rebound spot is near the 120-day moving average line, which is around $4,000.

As of now, we are unsure where the bottom of the chart is. Therefore, it is essential to take note of the cash rate adjustment and split purchase. The main resistance lines are $7,000 and $ 7350 to $ 7400, and the main supporting lines are the 60-day and 120-day moving average lines.

 

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