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07.06.202314:17 Forex Analysis & Reviews: Technical analysis on Bitcoin for June 7th, 2023.

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Blue lines- bearish RSI divergence

Red lines- bearish channel

Bitcoin is trading around $26,340. Price has been making some intense swings the last could of trading sessions. Two days ago price broke to new lower lows but yesterday claimed back most of its losses. Short-term trend remains bearish as price continues making lower lows and lower highs. Today price reached very close to the upper channel boundary resistance and is showing signs of rejection. Bitcoin remains inside the downward sloping channel. Bitcoin remains vulnerable to a move lower towards $25,000-$24,000.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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