Search Inside Bitcoins

Bitcoin Price Prediction: Bitcoin (BTC) Abruptly Drops From $9,800 Resistance but Holds Between $9k and $9.3k Support

Bitcoin (BTC) Price Prediction – June 25, 2020
Yesterday, BTC/USD pair encountered a breakdown after it was resisted at $9,800 high and failure of the bulls to sustain price above $9,600 support. Presently, BTC is trading at $9,291 at the time of writing. However, if the current support cracks the downtrend will resume.

Key Levels:
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Bitcoin has fallen to the lower region between $9,000 and $9,300. The bottom line is that if the current support between $9,000 and $9,300 holds, the upside range trading will resume. Conversely, if the current support cracks the downtrend will also resume. Yesterday’s breakdown was the rejection of the $9,800 resistance. This is an indication that the bears are well fortified at the $10,000 overhead resistance. The market declined to $9,600 support to resume a sideways trend for three days. Eventually, BTC plunged to the oversold region at $9,011 low.

Buyers are emerging in the oversold region as the market moves up. It indicates that the $9,000- $9,300 support is likely to hold. Nonetheless, if the bullish momentum is sustained, price will rise to $9,300 or $9,400. This is the support region for the upside range trading. Bitcoin bulls will resume fluctuation between $9,300 and $9,800 to retest the $10,000 overhead resistance. Conversely, if the bears break the $9,011 support, BTC will find initial support at $8,800. If the selling pressure persists, the market will reach a low of $8,500 or $8,200. The Relative Strength Index period 14 is at level 44. The coin is in the downtrend zone.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)

BTC/USD – 4 Hour Chart

On the 4 hour chart, the bears broke below the downtrend line, the 12-day EMA, and the 26-day EMA. It indicates a further downward movement. The market has fallen to the oversold region suggesting buyers to emerge to push prices upward. The bulls have taken over as price reached a high of $9,291. The king coin is above  20% range of the daily stochastic. Presently, it is in a bullish momentum.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.