Bitcoin Price Prediction: Bitcoin (BTC) Breakout Looms as Price Consolidates in the $9,800 Region

Bitcoin (BTC) Price Prediction – June 11, 2020
About 24 hours ago, there was a price spike as bulls retested the $10,000 overhead resistance.  Also,there was immediate rejection as BTC/USD pair consolidates above $9,800 near the overhead resistance. This is a positive move as consolidation beneath a resistance usually sparks off breakout during a bullish trend.

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

BTC/USD – Daily Chart

Throughout last week, Bitcoin has been trading marginally in the region of $9,700. Before now BTC has rallied to $10,400 high. After the bullish impulse, it faces another rejection that plunged the coin to $8,150 low. The price corrected upward but BTC was restricted below $9,800 resistance. Yesterday, the upside range took a new dimension as bulls retested the $10,000 overhead resistance. Today, buyers have retested the resistance zone while it continues its consolidation.Presently, price is consolidating in the region of $9,800 below the $10,000 resistance. On the upside, a rebound above $9,800 or breakout will propel price to break through the resistance.

Bitcoin will rally above $10,500 if price rebounds above the current support. The king coin will pick up momentum and resume the uptrend to $11,000 price level. Conversely, this bullish view will be invalidated if the bears turn around and break below $9,800 support. BTC will drop to $9,600 and $9,400. Nevertheless, if the bears break the $9,400 support, the upside range may fail to hold. We should begin to see a downward movement of prices. The Relative Strength Index period 14 is at level 57 indicating that price is in the uptrend zone.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, BTC has moved up to $9,800 support to resume consolidation below the overhead resistance. Price is fluctuating above $9,800 to retest the resistance. On the upside, if the bulls sustain price above $9,800, BTC will rally above the overhead resistance. However, there is rejection and BTC is falling after the second retest. Meanwhile, BTC is below 60% range of the daily stochastic indicating a bearish 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.