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The king of cryptocurrency Bitcoin BTC is now in a strong motion, while Bitcoin price is enjoying strong support at $9660. On the 8th of June, the Bitcoin price turned bullish twice to rise towards the resistance near $9800 but unable to break past.
Trading view analyst RocketBomb believes that the cryptocurrency is trading in a parallel ascending channel. BTC price seemed to have returned towards the $9680 level after testing the resistance; however, it appears that the strong support will be pushing to test the resistance again.
1-Day Bitcoin price analysis (8th June)
Bitcoin Price Chart by Trading View
After 18:00 GMT on the 7th of June, BTC turned bullish and saw an abrupt rise across the $9760.00 mark.
The cryptocurrency approached the resistance near $9800 while it scored a day’s high of $9813.67. BTC price fell towards the $9680 level after 14:00 GMT, only to return back to the $9700 range a few hours later. Bitcoin is trading hands at $9715.88 US Dollars at the time of writing.
Bitcoin: parallel ascending channel?
The analyst drew a parallel ascending channel on the BTCUSD charts, while they highlighted a saturated zone in which BTC appears to be traded at the moment.
RocketBombs suggests that BTC price will move towards the $9800 level, which is also a considerably strong resistance level.
The crypto analyst stated that if the upward move is strong enough, it will move past the resistance level and rise across the $10000 mark, or else it will observe a downward rollback towards the bottom of this saturated zone.
Bitcoin Price Chart by Trading View
On the 8th of June, BTC price tested the $9800 resistance, which turned out to be strong enough to hold the trading pair below.
BTCUSD has observed a rollback towards the $9680 mark, and it may continue to fall towards the $9380 level if this idea, for which the trade is currently active, is completed.
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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