Bitcoin has been trading for a while in an ascending edge. It has faced bearish trends and depreciated widely on June 10.
The BTC/USD pair analysis from June 9th to 13th revealed different patterns; this analysis was crucial as it had set a precedent for the future price of the pair and helped in speculations.
The BTC/USD was trading at eight thousand and one hundred dollars ($8,100), and the price surged rapidly on June 12.
Bitcoin BTCBitcoin BTC price chart by Trading View
The volume was not increased greatly, and after a while, the resistance point started acting as support too.
The technical indicator RSI revealed on June 7, the pattern of the bearish cross and downward movement of the price of the Bitcoin.
There were certain fluctuations in the patterns; however, currently, the price is trading below 20-day one.
Furthermore, Bitcoin price shows a head-and-shoulder pattern that indicates the reversal of bearish trends.
It was revealed on yesterday, that when the right shoulder would complete, there would be a great surge in the price of the coin and it comes out of the triangle. Also, the coin achieved the value similar to that of the value on the 16th of May, earlier this year.
The Bitcoin price has revealed an evening star pattern with three candles pointing towards bearish reversal trends.
The important point to be noted is that if the price closed above eighty-eight thousand dollars ($8800) the pattern of the evening star, as well as head and shoulder, would no longer be significant.
Currently, the BTC/USD found the resistance region around eighty-four hundred dollars ($8400). It is predicted that if the bulls prevail, this area will easily be achieved on the 16th of June 2019.