Search Inside Bitcoins

Bitcoin Price Prediction: Bitcoin (BTC) Is Still Holding Current Support Above $9,100, as Upside Potential Continues

Bitcoin (BTC) Price Prediction – June 27, 2020
BTC/USD was previously hovering above $9,200 but it is now trading below $9,200 high. The price action is showing a series of small body candlesticks as price consolidates. These indecisive candlesticks indicate that buyers and sellers are undecided about the direction of the market.

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

BTC/USD – Daily Chart

Since June 26, Bitcoin has remained in the lower region of $9,000. BTC is showing signs of weakness as bulls fail to push prices above $9,300 to resume the upside range trading. However, if the bulls fail to hold the $9,000- $9,200 support, it will signal the resumption of the downtrend. BTC will face deeper correction if the $9,000 support cracks. The king coin initial support will be at $8,800 low. As selling pressure persists the market will fall to either $8,500 or $8,200.

The bearish momentum can extend to $8,130 low. The Relative Strength Index period 14 is at level 44. Bitcoin is in the downtrend zone and below the centerline 50. The price bars are below the 12-day EMA and the 26-day EMA which makes the coin vulnerable to fall. The price action has indicated a bearish signal as the market continues its downward move.


BTC/USD Medium-term Trend: Bullish (4-Hour Chart)
On the 4 hour chart, the Fibonacci tool indicates that Bitcoin will rise and retest the $9,950 resistance zone. The red correction candle body tested the 0.786 Fibonacci retracement level. This indicates that the market will rise to $9,900.

BTC/USD – 4 Hour Chart

Therefore, BTC is likely to move up to $9,300 to resume the upside range trading. Presently, the king coin is consolidating above $9,100. After consolidation, the price is likely to rebound above the current support to resume the upside range trading. In the upside range trading, price fluctuates between $9,300 and $9,800 to retest the $10,000 overhead resistance. Nonetheless, if BTC rises to $9,900, it is likely to reverse, though the reversal will not be immediate. The price will fall and return to 0.786 Fibonacci retracement level. In other words, it will fall to $9,700 low and resume consolidation. The king coin is above 40% 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.

Close