Bitcoin Analysis of June 1: Continuing to Find Support, What are the Key Levels?

According to the Bitcoin analysis of June 1; Bitcoin remained in a positive zone above $31,200. According to technical analysis by NewsBTC’s Aayush Jindal, BTC may correct the decline but the bulls may remain active around $30,800.

Bitcoin Faces Major Resistance

Bitcoin extended its rise above the $31,000 zone. It even broke the $32,000 resistance a few times but the bears retained more gains above $32,200. BTC settled as high as $32,400 before starting a downside correction. Thereafter, there was a move below the $32,000 level and it corrected and tested the 23.6% Fib retracement level of the upward move from the $29,085 high to $32,400 high.

BTC is currently testing the $31,800 zone. There is also a key bullish trend line forming with support near $31,800 on the hourly chart of the BTC/USD pair. Bitcoin is also well above the $31,200 level and the 100 hourly simple moving average.

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Bitcoin analysis of June 1
Bitcoin analysis of June 1

In the Bitcoin analysis of June 1, according to the analyst; An immediate resistance on the upside is near the $32,000 level. The next major resistance is near the $32,200 and $32,400 levels. A clear move above the $32,400 resistance level could start another increase. In the indicated case, the price could rally towards the $32,500 resistance. The next major resistance is near the $33,400 level.

Are Drops Limited?

Jindal says that if Bitcoin fails to break past the $32,400 resistance zone, it could start a downside correction. An immediate support is near the $31,800 level and the trend line. A downside break below the trend line could lead the price towards the $30,800 support. The 50% Fib retracement level of the rise from the $29,085 high to $32,400 high is also near the $30,800 level. Any further gains could open the doors for a move towards the $30,000 support.

What Are Technical Indicators Saying?

  • Hourly MACD – The MACD is now losing momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is falling towards the 50 level.
  • Major Support Levels – 31,800 followed by $30,800
  • Major Resistance Levels – $32,000, 32,200 and $32,400

Note: You have come to the end of the Bitcoin analysis of June 1. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.

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