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BTC/USD 09.06.2017

BTC/USD Chart

Bitcoin continues to surprise. After experiencing huge growth in May, traders thought that consolidation awaits BTC/USD. Potential support levels of $2,300, $2,500, $2,700 looked really good. However, there was no potential level of growth being shown, and the price moved to historic highs.

Right now, we see the following picture:

  • $2,600 area may be a strong support level.
  • Volatility decrease forecasts have proved themselves wrong.
  • News background is flat.

Currently, the price is in the zone of a potentially high support level. Buys from this level might be a good idea for intraday speculators. If the support level proves itself strong, it’s a signal for bulls. Therefore, trades with $2,800 goals will have a decent expectation value. Right now, a level retest is just underway.

If the $2,600 level does not remain, then one should wait for the next price bounce and a shaping of new support zones.

The main rule is to exclude short positions for BTC/USD. The pair is under serious pressure from the uptrend, so deals against the trend are a bad decision. One should also remember that volatility remains. Always wait for retests to have a more precise signal for position entry.

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