Bitcoin (BTC) Price Prediction – June 1, 2020
BTC/USD pair is consolidating above $9,400 for the past three days. Bitcoin bulls are sustaining hold above $9,500 since May 31. The bottom line is that if price remains above $9,300, the possibility of retesting the $10,000 overhead resistance is certain.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
Since on May 30, Bitcoin has been trading in the upside range. Before now, BTC has earlier rebounded at the low of $9,400, as the market reached the $9,800 resistance zone. The bulls were repelled in the upside range as price dropped to $9,400 low and resumed consolidation above the current support. However, if the bears have taken price below $9,400, the upside range would have been invalidated. In the upside range, BTC fluctuates between $9,300 and $9,800 to retest the overhead resistance.
Meanwhile, in the uptrend zone, the bulls have held on Bitcoin above $9,500. The market has been relatively stable in the upside range as there was no significant price movement. BTC at present is fluctuating above the 12-day EMA. As long as price is above the EMAs, the upward move is likely. The reverse will be the case, if the price is below the EMAs, the market will embark on a downward movement. Meanwhile, the king coin is still in the uptrend zone at level 58 of the daily Relative Strength Index.
BTC/USD Medium-term Trend: Bullish (4-Hour Chart)
On the 4 hour chart, buyers have their last retest at the overhead resistance on May 30. There was an immediate bearish reaction as the market fell to a low of $9,400. The $9,400 support was well defended by the bulls as price made an upward correction. The upward correction was restricted at the resistance of $9,500. The bulls have not been able to penetrate the current resistance. Bitcoin is above 60% range of the daily stochastic. The market is in a bullish momentum.
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