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Bitcoin Price Prediction: Bitcoin (BTC) Shows Resilience as Price Continues Its Tight Range between $9,640 and $9,800

Bitcoin (BTC) Price Prediction – June 9, 2020
BTC/USD pair  has been trading in the upside range between $9,400 and $9.800 for the past few days. BTC fails to surge higher because of the inability of the bulls to break the $9,800 resistance. Nonetheless, the bulls have made three unsuccessful attempts to break the resistance.

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

BTC/USD – Daily Chart

Yesterday, Bitcoin bulls pushed price to $9,798 high but were resisted. The market fell to $9,600 low. However, because of the buying pressure above $9,600 low, price went up above $9,700. Nevertheless, buyers have made concerted efforts to clear the $9,800 resistance on June 4 and June 7 but were repelled. This has been the market situation. On the upside range, the bulls have been battling to break the resistance levels of $9,800 and $9,880. BTC will surge to $10,000 once the $9,880 is cleared. Subsequently, the momentum will continue to the next resistance at $10,500. A further upward move will catapult the king coin to a high of $11,200.

Conversely, if the bulls fail to clear the $9,800 resistance, BTC price will be stuck in the upside range. Alternatively, the bears may retest the $9,600 support. BTC may decline to $9,400 support if the $9,600 cracks. The upside range will continue its fluctuation if the $9,400 support holds. However, if the support fails to hold, the selling pressure will continue to $8,800 low. The market will continue its fall of $8,200 if the bears continue their bearish runs. Meanwhile, BTC is below 80% range of the daily stochastic indicating a bearish momentum. The price action confirms the bearish momentum as the market reaches the $9,600 low.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)
On the 4 hour chart, the market indicates that the bulls have retested the $9,800 on three occasions. On June 4, the bulls were resisted and the market fell to $9,400 low.

BTC/USD – 4 Hour Chart

The price corrected upward and rested the resistance level. The market fell again to $9,600 low. The king coin was on a downward move after the third resistance. Meanwhile, price fluctuated upward as a result of the buying pressure above the $9,600 support. The Relative Strength Index period 14 is at level 50 indicating that price is approaching the uptrend zone.

 Please note: Insidebitcoins.com 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.