Bitcoin Daily Forecast - 5 June 2019


Bitcoin markets took a hammering during the trading session on Tuesday, breaking back below the $8000 level. This isn’t much of a surprise though, because quite frankly we had gotten a bit ahead of ourselves recently. Remember, just two months ago we were down at $4900 and trying to break above the $5000 level. We have almost doubled since then and started to pull back. This is a good sign, I do not like the idea of trying to hang on for some type of massive “moonshot” like some traders had been doing a couple of years ago.

Looking at the chart and the candle stick for the trading session on Tuesday, I think it’s likely that we see a bit more negativity. The fact that it is such a long candle stick tells me that there is a lot of selling pressure during the day, and quite frankly I anticipate that we will go looking for the next support level, which is currently at the $7000 level. I think that there will be plenty of buyers willing to jump in at that point, as it would represent a bit of value after the market had shot so high.

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If we were to break down below the $7000 level, the next target would be $6500, which features the 50 day EMA which is pictured in red. Even below there I see a lot of support at the $6000 level as well. Either way, I have no interest in shorting this market and I think that it does offer a significant amount of value. I believe that we will continue to go towards the $10,000 level, which of course will attract a lot of psychological interest. Ultimately, I think it’s going to be difficult for this market not to reach that level.


Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.