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Bitcoin price sees a downward trend on the 11th of June. The cryptocurrency moved above the $9950 level before turning bearish. In the afternoon, the cryptocurrency had fallen below $9650. RocketBomb, the TradingView analyst, was of the opinion that BTC will see a rollback.
1-Day Bitcoin price analysis (11th June)
The cryptocurrency traded near the $9760 level at the start of the 24-hour trade. BTC price spiked above the $10000 level at 18:45 GMT, after which it returned below the $9800 mark.
By the 11th of June, the cryptocurrency had approached the $9890 level after which it moved to a day’s high of $9960.64 US Dollars. The BTCUSD pair turned bearish and it was observed falling towards the $9600 level. At the time of writing, BTC traded at a price of $9651.77 US Dollars.
The Relative Strength Index (RSI) diverged below 30.00 after 06:00 GMT. The technical indicator had fallen to a low of 15.45, which shows that the cryptocurrency was oversold at the time.
Bitcoin price movement: downward rollback
Rocket Bomb is a TradingView analyst who believed that BTC price would move upwards and touch the $10000 mark before it sees a rollback.
The idea chart above shows that the BTC price was expected to move towards the $10000 level. The rising support line drawn by the crypto analyst trends right below the trading pair.
On the 11th of June, the cryptocurrency approached the $9950 mark, after which it began to observe a downward rollback. At the time, the cryptocurrency trades near $9650. This idea by RocketBomb is in play.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.
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Johnson Go
Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.
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