BTC/USD Daily Forecast - 7 June

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Thursday, Jun 07 2018

BTC/USD Daily Forecast - 7 June

Bitcoin rallied slightly against the United States dollar during the trading session on Thursday, turning around to form a bit of a shooting star. We had previously formed a hammer, and it now looks as if the 20 SMA is going to continue to cause a bit of a short-term reaction. I think that the $8000 level above offers a significant amount of resistance, and I would be a bit surprised if we managed to break above that level.

I think that we will eventually roll over, and at this point I have no interest in buying bitcoin. It makes more sense that we will continue to go lower, perhaps reaching down towards the $6000 level over the longer-term. If we did break above the $8000 level, then we could go as high as $8500 in the short term. However, it should be said that the longer-term highs have been getting lower for some time.

More in this category: « AUD/USD Daily Forecast - 6 June GBP/USD Daily Forecast - 8 June »

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