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Bitcoin Price Prediction: Bitcoin (BTC) Fails to Hold $9k-$9.2k Support, Larger Uptrend Intact

Bitcoin (BTC) Price Prediction – June 27, 2020
Since the last bearish impulse of June 26, BTC/USD has been fluctuating between $9,000 and $9,200. The bottom line is that if the $9,000 and $9,200 support holds, the upside range trading will resume. Otherwise, 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

From every indication, the price action shows bearish signals. The $9,000 – $9,200 support is no longer holding. Bitcoin is making a series of lower highs and lower lows as prices reach a low of $8,977. Bitcoin will fall to $8,914, if the selling pressure persists. The lower lows will continue to $8,600. Nonetheless, if the $8,600 support cracks, BTC will drop to $8,100.

Since May, Bitcoin has been in sideways trading between $9,000 and $10,000 price levels. The bulls have successfully traded the king coin to a high of $10,400. Unfortunately, the coin has also fallen to a low of $8,100. Today, if the crypto falls to $8,600 or $8,200 low, a rebound is possible, to return to $9,000 region. Meanwhile, the price action and the daily stochastic are showing a bearish nature of Bitcoin.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, the downtrend line was broken by the bears as BTC dropped to $9,011 low. The bulls responded by making an upward correction. Buyers retested the downtrend line but were repelled. Nevertheless, BTC has since resumed a downward move as bulls fail to break the downtrend line. On the upside, BTC will resume a fresh uptrend when price breaks and closes above the downtrend line. Meanwhile, the coin is below 40% range of the daily stochastic. Presently, it is in a bearish momentum.

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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.

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