Bitcoin (BTC) Technical Price Analysis, June 18, 2018

Bitcoin (BTC)

For the past three days, Bitcoin had been trading inside the intraday range of June 14. Today, the price is attempting to break out of the tight range.

If the BTC/USD pair sustains above $6,715, it can pull back to the 20-day EMA. Though both the moving averages are sloping down and the RSI is in the negative territory, our view is of the formation of a range in the leading digital currency. Hence, a breakout and close (UTC) above the downtrend line is a good place to enter long positions with the stops below the $6,000 levels.

On the upside, the first resistance is at the $7,700 levels, above which the rally can extend to the resistance line of the symmetrical triangle, close to $8,500 levels.

This is a high-risk trade, hence, please keep the position size less than 40 percent of usual size. Our assumption of a range bound trade will be invalidated if the price breaks below the $6,000 levels.