Bitcoin price analysis 24 June 2019; BTC price can soar to $13,000

Bitcoin trading week ended with the token accomplishing some incredible milestone in is later days as the token crossed the eleven thousand-dollar ($11k) mark on Friday.

The buyers were able to raise the price to eleven thousand two hundred and thirty dollars ($11,230) without facing any major resistance.

Bitcoin price analysis 24 June 2019; BTC price can soar to $13,000 2Bitcoin BTC price chart by Trading View

On a four-hour timeframe, we can observe that the buyers stopped momentarily without facing any resistance, and after some concise consolidation the price surged.

This surge was a result of an attempt by sellers to launch a counterattack that failed immediately. There was a large volume by sellers aimed at lowering the price, however, the huge demand by the buyers forced them to retreat.

Buyers felt the main opposition at eleven thousand one hundred dollars ($11,100) and the price dropped by approximately seven and a half percent (7.5%). After this, the price stabilized between ten thousand three hundred dollars ($10,370) and eleven thousand one hundred dollars ($11,100) while buyers are on the offensive trying to break through the resistance.

In this week the buyers were able to significantly increase their marginal position especially over the last 24-hours at which they began closing their positions. On the other hand, the sellers had the same pattern however, they did not increase their positions that actively.

Bitcoin price analysis 24 June 2019; BTC price can soar to $13,000 3Bitcoin BTC price chart by Trading View

The trends point towards another bull run if the sellers are unable to stop the price action. The next stop will be around thirteen thousand two hundred dollars ($13.2k).

The sellers are trying to slow down the price action to begin their counter-attack but have been unable to do so. If the sellers are unable to reduce the price to nine thousand dollars ($9000) by the end of next week July will be filled with intense bull runs.

Advertisements