On the 22nd of June, the Bitcoin price line observed a rise across the $9700 level. Rocket Bomb, the TradingView analyst, believes that the BTCUSD pair may see a rise towards the $9900 level next.
1-Day Bitcoin price analysis (22nd June)
Bitcoin Price Chart by Trading View
At the time of writing, BTCUSD was traded at $9666.06 US Dollars.
Bitcoin price movement; breakout of falling wedge?
Rocket Bomb, the TradingView analyst, previously drew two descending wedge patterns on the BTCUSD pair’s 4-hour chart.
Bitcoin Price Chart by Trading View
The analyst explained that the price had approached the upward trendline of the ascending triangular pattern, which means that BTC will break out of the falling wedge and move towards the ceiling of the ascending triangle.
For this idea, the analyst had pointed out two price targets; the first one lay at $9650, while the second one lies at $9966. On the 22nd of June, the BTC price has met its first target price, and it appears bullish after breaking out of the falling wedge.
Bitcoin price; bearish or bullish?
On the hourly price chart, the same crypto analyst drew possibilities for the BTCUSD pair’s next move.
Bitcoin Price Chart by Trading View
The analyst believed that on the 20th of June, the price line had broken a downtrend, which allows it to have a considerable chance to rise upwards. However, Rocket Bomb was also of the opinion that the cryptocurrency may fall after crossing the downtrend.
The analyst weighed each scenario out by assigning the bearish possibility with a chance of 61% to come into play, while the bullish scenario was assigning a 39% chance of coming into play. Currently, the bullish scenario seems more likely as the cryptocurrency appears to move upwards.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
