Bitcoin Price Technical Analysis (June 17): Going Up to Resistance

Bitcoin Goes Upwards Analysis

Bitcoin (BTC) is currently trading at $9279 and the price is in a continuous uptrend. The price has recently broken the resistance of $8,951 turning it into support with new resistance at $9,500.

The uptrend is strong as we see a formation of a bullish engulfing pattern which is a strong bullish pattern.

Bitcoin Price Graph June 17

Dow Theory

According to Dow Theory, the price is in the excess phase, which is an extension to the public participation phase. During this phase, negative sentiment starts to dissipate. As the good news starts to permeate the market, more and more investors move back in, sending the price higher. It is the phase in which most technical and trend traders start to take long positions.

This phase is followed by the distribution phase, which is represented by the peaking of the market where the price movement starts to flatten as selling pressure increases.

Bitcoin Dow Theory June 17

Moving Average

When taking 9 period moving averages (blue) with 21 period moving averages (red), a bullish crossover is seen, indicating an uptrend.

Also, the price is moving above the moving averages indicating strong uptrend.

Bitcoin Moving Average June 17

Bollinger Bands

The price was moving between the channels. Recently, the price broke out from the channel and the RSI is moving towards the overbought region but the momentum is positive, indicating a further upward movement. Therefore long position can be taken keeping a stoploss active.

Bitcoin Bollinger Bands June 17

Conclusion

Bitcoin (BTC) is currently trading at $9279. The support is at $8,951 and resistance at $9,500. The trend is positive and it is suggested to take long positions at this point and using the above mentioned levels as target and stoploss. The above levels can also be used for swing trading. The overall trend is bullish with a midterm target price at $9936.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 6536.1 7019.3 7937.7 8420.9 9339.3 9822.5 10740.9
Fibonacci 7019.3 7554.7 7885.5 8420.9 8956.3 9287.1 9822.5
Camarilla 8470.6 8599.0 8727.5 8420.9 8984.5 9113.0 9241.4
Woodie’s 6753.5 7128.0 8155.1 8529.6 9556.7 9931.2 10958.3

Technical Indicators

Name Value Action
RSI(14) 75.967 Overbought
STOCH(9,6) 78.751 Buy
STOCHRSI(14) 93.633 Overbought
MACD(12,26) 935.500 Buy
ADX(14) 82.550 Overbought
Williams %R -2.242 Overbought
CCI(14) 130.7389 Buy
ATR(14) 869.4077 High Volatility
Highs/Lows(14) 2382.1004 Buy
Ultimate Oscillator 64.400 Buy
ROC 126.698 Buy
Bull/Bear Power(13) 3942.3576 Buy
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