Bitcoin Update June 12 2018

The buoyant price recovery since the lows of late June ended for the time being with cross resistance at $6,800-$ 6,900, including the EMA50. In the sense of the overarching downward trend, a rebound downwards on the EMA50 would allow a continuation of the downward wave.

If Bitcoin sheds below 6,100 by the end of the day, further charges should follow up to 5,400 and 4,900 - 5,100 USD. At this price range then there is a turnaround opportunity for at least a technical recovery. Below 4,900, further losses towards the long-term ideal target of $2,900-$ 3,000 are conceivable.

Turning the coin back up and climbing sustainably over $ 6,900, a bullish inverse SKS bottoming would be complete. A price recovery up to 7,700 - 8,000 and later possibly USD 10,000 could then be initiated.