Despite best efforts from stubborn bulls over the weekend, the bears have decidedly won the battle on the first half of Monday, subduing the price to as low as USD 7,525 in the past 24 hours. In the middle of Central Europe markets, it is trading just below the key resistance level of USD 7,800, which has held well for the past 24 hours (12:00 UTC, CoinDesk).
However, as Europe winds up and North America takes over, most analysts will predict a surge back up towards that level, although it would be a surprise if the 8,000 mark is broken before tomorrow. Indeed, it would appear some are already waking up, as the past 15 minutes have seen a remarkable surge.
— Chonis Trading-⚔️ (@BigChonis) June 10, 2019
Volumes have not dissipated so there is clear motivations for both sides of the fences to drag out this battle. The short-term indicators suggest a further plunge below USD 7,500 is possible. However, there will be many bulls keen to take Bitcoin higher towards USD 8,000 so as not to lose too much ground from the 2019 highs of USD 9,000, as seems to be the case right now as of this writing.
Other traders believe that the trendline in fact has not broken and is still positively bullish, especially from those of the swing trade persuasion.
— Eric Choe [Mr. Swing Trade] (@CryptoChoe) June 10, 2019
In any case, this week could see clearer lines being drawn in the sand for the rest of the month.
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