Bitcoin Price Prediction: Bitcoin (BTC) Begins an Important Breakout, Fluctuates Between $9,400 and $9,800

Bitcoin (BTC) Price Prediction – June 6, 2020
Should you buy Bitcoin? Following the upward correction, BTC/USD pair appears to have settled either at $9,500 or $9,600. After the upward correction on June 2, the bulls were repelled at the $9,800 resistance. BTC dropped to $9,600 low. In the last 24 hours, there has been no significant price movement.

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

BTC/USD – Daily Chart

Since the beginning of June, Bitcoin has had a sudden breakout that breached the $10,000 overhead resistance. BTC reached a high of $10,400. On the following day, BTC has an unexpected breakout that plunged the king coin to $9,264 low. Immediately, price corrected upward above $9,400. In the last four days, the crypto has been fluctuating between $9,400 and $9,800. These two levels will determine Bitcoin’s next move. In other words, the coin will decline if the $9,400 support is broken.

In the same vein, BTC will rise if the $9,800 resistance is breached. In May, the upside range between $9,300 and $9,800 was functional because of the presence of volatility. The bulls were unrelenting as they made several retests at the $10,000 overhead resistance. Unfortunately, buyers were unsuccessful in all attempts to break the resistance. Today, BTC is range bound between $9,400 and $9,800. Neither the bulls nor bears have the upper hand. The Relative Strength Index period 14 has fallen to level 46 indicating that price is in the downtrend zone. A further downward movement is expected.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)
On the 4 hour chart, the bulls and bears are struggling between $9,400 and $9,800 to break their respective levels out of the current range. On the upside range, if buyers are successful above $9,800, the upside range will resume.

BTC/USD – 4 Hour Chart

The bulls will attempt to retest the overhead resistance to break it. Already, analysts have expressed optimism that Bitcoin is on the brink of rallying towards $11,000 in the nearest future. On the downside, a break below $9,400 will cause BTC to decline. Meanwhile, BTC is above 60% range of the daily stochastic indicating a bullish momentum.

Please note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.