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Bitcoin Price Eyes $10,000.00. Here Are the Levels You Need to Watch Out For.

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Written By: Angeline Feliciano

Jun 01, 2020, 06:07 BST 06:07

Bitcoin

Summary:

While bitcoin price is benefitting from the broad dollar weakness this morning, BTCUSD is struggling to make it to the $10,000 handle.

While bitcoin price is benefitting from the broad dollar weakness in this morning’s trading, BTCUSD is struggling to gain enough bullish momentum to make it to the $10,000 handle. This is evidenced by the falling trendline which can be seen when you connect the highs of May 7, May 14, and May 19 on the daily time frame. In fact, we can actually see bitcoin price currently testing the falling trendline.

In order for the cryptocurrency to test $10,000.00, BTCUSD must first close above the high of May 30 at $9,758.27.

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However, it’s worth pointing out that on the hourly time frame, bitcoin price is already showing signs of weakness. The most recent candle closed as a shooting star. When you enroll to our free forex trading course, you will learn that this is considered as a bearish reversal signal. What makes it relevant is that it formed around BTCUSD’s highs for May 28 to May 30. This then implies that resistance at $9,600.00 may hold. If it does and bitcoin price falls to $9,352.85, a head and shoulders will have formed. Should this happen, we could soon see the cryptocurrency fall even further to $8,702.50 where it bottomed on May 26.

Written By: Angeline Feliciano

Angeline Feliciano has been trading Forex for over ten years. She has invaluable experience working in FX education companies like BabyPips.com and Learn to Trade as a trader, currency analyst, trading coach, and presenter. Aside from these roles, she has also created intensive educational content on fundamental analysis which is heavily sought after by retail traders. She has taught hundreds of people how to trade the FX market in the Philippines and in Australia. When she is not trading, you can find her in the gym lifting weights.