Bitcoin Price Analysis 6 June

1 Day Chart
Bitcoin price rebounded strongly yesterday, after finding support at the $7430 level. Important to note is that price did not break to the downside of the descending trendline, which is a positive sign for the bulls.
Price is currently trading between the EMA8 and EMA20 moving averages. Overhead resistance is present at $7800, this was tested and failed over the weekend. A break through this level in the near term is required to maintain momentum to the upside.

4 hour chart
Price action rebounded strongly last night, breaking back above the MA50, EMA20 and EMA20. A long signal has been triggered again on the 4 hour chart. The decline that was seen a few days back failed to form lower lows, which is good news for the bulls, indicating that there is significant support for price. A retest of $7800 is required in the near future to keep forming higher highs.

The concerns that I have had for the past few months have now been met, should we not see a reversal occur at or above $6550, then we could be in for a deep bear market, possibly testing the $4900 level. As it stands currently, price is trading below the 50 week moving average. The next major bearish milestone would be the crossover of the EMA8 and EMA20 with the MA50 on the weekly chart.
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