Weekly Bitcoin Technical Analysis (June 14th, 2021)
History for the week (From 7 to 14 JuneĀ , 2021)
History for the week (From 7 to 13 June , 2021)
Opening price: $35,798, closing price: $38,993 => Spread is $3,195, up about 8.92%).
Highest price: $39,380, lowest price $30,976 => Spread is $8,404 (According to data from Binance exchange).
Fundamental Analysis
We summarized some outstanding information from last week:
Positive news:
Ā· El Salvador has become the first country in the world to officially classify Bitcoin as legal currency
Ā· More countries line up to make Bitcoin legal tender (Paraguay, Panama, Mexico, Venezuela, India,ā¦)
Ā· Bitcoin jumps hardly after Elon Musk says Tesla will accept crypto when miners use clean energy on this Sunday
Technical Analysis
BTC/USDT daily chart
In the daily chart Bitcoin has shown clear bullish signs. The indicators have extremely positive for the bull in the short-term.
Ā· RSI is moving up to the 50 zone and has crossed the trend line resistance
Ā· MACD is being above the signal line, therefore, the histogram is positive
Conclusion: We had a bullish candle closing above the MA20 of the Bolliger Bands. However, the bands is tigntening, so prices will trade within a narrow range between a high of ~$41k, and down to low of ~$33k until it may break the upper bands. That could pull the price up to the different resistance level of ~47k, ~51k and ~56k , respectively.