Bitcoin Price Analysis – Week of June 08

Greetings Midas Community,

As crypto investors we are always keeping tabs on the king of crypto: Bitcoin. Generally speaking, as Bitcoin moves – so does all of crypto as an industry. As the saying goes, “a rising tide lifts all boats.” In these articles we will make weekly technical analysis, looking at trends and fundamentals. 

Price Analysis

BTC/USD chart from TradingView on a 4H timeframe.

Here we can see Bitcoin’s price action over the past few months, on a 4H candle timeframe. Ever since the drop in mid-March caused by global coronavirus panic, Bitcoin has been in a steady uptrend, as shown by the following trendline: 

The trendline has been tested multiple times, but so far has been maintained. But despite multiple attempts to break the 10k resistance – including a short-lived breakout on June 2, the $10k mark represents a strong psychological price point. Once broken, if support holds, it will be a major support. As it stands, the $10k mark is a strong resistance. As such, Bitcoin has been trading in a narrow range for the past several days, and a wedge is forming on the charts:

A decision point is coming soon, where BTC is going to break one way or another. 

Indicators, including MACD and RSI are showing as neutral. However, the moving averages are all pointing in the upward direction, indicating a bullish sentiment. 

Investor Sentiment

Crypto fear/greed index, taken from

Investor sentiment is a critical component of any TA. In general, when the Fear/Greed index shows as “greed” – it is a good time to sell. Conversely when it shows “fear” it represents a prime buying opportunity. As it currently stands, market sentiment has remained in neutral territory for the past week, agreeing with the indecisive indicators.


The TH/s has risen by about 20% since our last TA article, indicating that more miners have been going online. This shows that the Bitcoin network is becoming more secure, coinciding with increased miners revenues (and rising prices). 


As we correctly predicted in our last analysis article, Bitcoin bounced off of the trendline and retested the 10k levels, which it failed to break. Since then, it has been trading in a narrow range, with a decision point coming in the next week. The $10k mark is a strong resistance, and if broken, BTC could easily test the $12k levels. If instead, BTC breaks downward, strong support will be found around $8.1k. The one who will write the word “success” first on Telegram chat will receive $10 from Midas.

Since price indicators and investor sentiment are both neutral, trading in this time is at an increased risk. Be sure to use tight stop losses and not to trade more than you are willing to lose. 

Always do your own research before making an investment decision

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