Bitcoin (BTC) Price Prediction – June 20, 2020
For the past 7 days, BTC/USD pair has been trading between $8,900 and $9,600. However, it is currently consolidating above $9,300 but has dropped to $9,200. This has been a significant price level since May. It is the support of the upside range trading. When there is a breakdown below $9,000, the market will correct upward above $9,300. When BTC retraces, it will find support above $9,300. This has been the market scenario for several weeks.
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000
Today, Bitcoin is in sideways trading above $9,200 which is critical support for the upside range trading. The bottom line is that as long as price is sustained above $9,200, the upside range trading is predictable. In the upside range, BTC fluctuates between $9,300 and $9,800. Nonetheless, the bulls must break the $9,800 and $9.860 resistances before the momentum will extend to break the $10,000 overhead resistance.
This has been the price action since May. Meanwhile, the market is still consolidating above $9,200 as we await the upside range and subsequent breakout. Besides the technical factors, analysts believe that fundamental trends are suggesting that the bulls will overcome the bears in the long run. The Relative Strength Index period 14 is at level 47. The King coin is still trading in the downtrend zone and below the centerline 50.
BTC/USD Medium-term Trend: Bullish (4-Hour Chart)
On the 4 hour chart, the bulls are presently defending the $9,050- $9,300 support. This region is crucial to the upside region range trading. Recently, the bulls buy from the dips to push BTC above $9,400 support. Bitcoin has already slumped to $8,914 before the upward correction. The king coin is falling and it is approaching the low of $9,200. Bitcoin is above 25% range of the daily stochastic. Presently, it is in a bullish momentum. This is contrary to the recent price action which indicates a bearish signal.