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Bitcoin Price Weekly Analysis: BTC/USD Could Test $6,390 Before Lower

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read
technical analysis bitcoin

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price found support near the $6,100 level and corrected higher against the US Dollar.
  • There is a major bearish trend line in place with resistance at $6,325 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair must break the $6,325 and $6,390 resistance levels to move into a positive zone.

Bitcoin price is currently correcting higher against the US Dollar. BTC/USD is likely to face a strong selling interest near the $6,380-6,390 resistance area.

Bitcoin Price Analysis

This past week, bitcoin price saw a solid increase in selling pressure around the $6,600 zone against the US Dollar. As a result, there was a nasty decline and the BTC/USD pair fell below the $6,400 and $6,200 support levels. The price traded towards the $6,100 level and formed a low at $6,093. Later, the price started an upside correction and moved above the $6,200 resistance.

There was a break above the 23.6% Fib retracement level of the last slide from the $6,686 high to $6,093 low. At the outset, it is following an ascending channel with resistance at $6,320. Above this, there is a major bearish trend line in place with resistance at $6,325 on the 4-hours chart of the BTC/USD pair. Finally, the $6,380-6,390 is a crucial resistance zone (the previous support). It also represents the 50% Fib retracement level of the last slide from the $6,686 high to $6,093 low. Therefore, if the price continues to move higher, bitcoin buyers are likely to struggle near the $6,380-6,390 zone.

Bitcoin Price Weekly Analysis BTC Chart

Looking at the chart, BTC price needs to settle above $6,380-6,390 and then $6,400 to move into a positive zone. If it fails, there could be a fresh downside move back towards the $6,200 and $6,100 supports. Below these supports, the price could be at a risk of a bearish break below the $6,000 handle.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently just above the 40 level.

Major Support Level – $6,100

Major Resistance Level – $6,390

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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