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Bitcoin Price and Technical Market Analysis June 5th, 2020

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  • Buyers closed yesterday’s daily candle above $9700.
  • Closing today’s candle above $ 9800, we expect a test of $10,300-10500 by the end of the week.
  • The critical point for buyers continues to be in the mark $9400.

Yesterday the price in Bitcoin market continued to move in the local growth channel. Buyers continue to recover their positions after a sharp Bitcoin price fall from 2 June, raising the price by 1.3%. Sellers do not miss opportunities to catch buyers in weakness and continue to fall. It can be seen by the pin down on the daily candle. However, sellers are still weak in this range, despite their brilliant price lowering by 10% on 2 June.

Yesterday’s trading volumes were a bit higher and now buyers are again trying to fix above the upper trend line of the triangle. There were slightly more market purchases yesterday, amounting to 52.8%. Today’s daily candle claims to repeated test of $10,300-10,500 with a likely continuation of growth to $11,000. An alternative scenario – a return of Bitcoin price to the triangle, is possible in case today’s daily candle will be closed below $9700.

In the 4-hour timeframe, we see that in addition to the main trend line, which now passes near $9000, there is another local one which serves as support of the current attack of buyers:

Bitcoin Price and Technical Market Analysis June 5th, 2020

As we can see from the horizontal volumes in Bitcoin market, a significant volume has accumulated in the range $9460-9600. Yesterday, sellers tried to break it down. Though, their attempt ended with a false breakdown and a sharp reversal of the price and a test of $9882. At the moment, we see that buyers are slowly but surely trying to break out of the consolidation zone. In such a way showing their readiness to keep Bitcoin price during sellers’ attacks. Therefore, the prospect of continued growth and successful closing of the weekly candle at $11,000 is the main scenario at the moment.

On BTC dominance chart, we notice a slowdown in the decline of this indicator and the beginning of consolidation around the mark 66%:

Bitcoin Price and Technical Market Analysis June 5th, 2020

Being near the bottom trend line of the triangle, Bitcoin indicator has a high chance of local reversal and repeated test of 67.55%. Despite the slow decline in the influence of BTC on the crypto market, buyers are keeping this coin well, not allowing to lower its price. As the price on Bitcoin market is now above $9700, buyers have increased their chances on the growth continuation by the end of the week. And sellers are gradually losing the chance to test $9000. So let’s see at the weekend whether sellers have prepared a trap in the form of a new 10% impulse of Bitcoin price down. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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