Bitcoin Price Analysis: BTC/USD Price Tested $11,311 Level Twice, Expecting the Third Breakout

Key Highlights:

• Bitcoin price broke out at $9,398;
• The coin reached $11,311 level;
• BTC price is currently consolidating at $10,967 level.

BTC/USD Medium-term Trend: Ranging

Resistance levels: $10,967, $11,311, $11,643
Support levels: $10,168, $9,398, $8,879On the medium-term outlook, Bitcoin price is bullish. The coin is obeying the command from the Bulls every day. After short consolidation at the former resistance level of $9,398, the coin broke out at the level and rallied towards the $10,168 price level.

The Bulls maintain their momentum and the strong bullish candle emerged that broke up the $10,168, the price increased touched the resistance level at $11,311 on June 22, that is the level reached on February 2018. Bitcoin price respected the level and retraced towards $10,168 level. The crypto retested the level second time on June 23, is currently pulling back before the continuation of Bullish trend.

Bitcoin price retain its trading above the 21 periods EMA and 50 periods EMA and the two EMAs are bending following the trend direction; these indicate further increase in Bitcoin price. Nevertheless, the Stochastic Oscillator period 14 is at 60 levels with the signal lines bending down to connotes sell signal which may be a pullback. The Bitcoin may experience ranging movement briefly within the $10,168 – $10,967.

BTC/USD Short-term Trend: Bullish

BTC/USD is Bullish on the short-term outlook. After the bullish breakout at $9,398 level, the bullish momentum increased and placed the price at the resistance level of $11,311. The evening star candle pattern emerged and the price dropped towards dynamic support level. On June 23, Bitcoin price touched the $11,311 level the second time, pulled back and currently consolidating around the just mentioned level.

However, the Stochastic Oscillator period 14 is above 20 levels pointing up to indicate further increase in Bitcoin price.

next