Bitcoin Price Prediction: BTC/USD Breaches $9,400 Resistance, Faces Rejection at $9,500 High

Bitcoin (BTC) Price Prediction – July 9, 2020
Bitcoin bulls have broken the $9,300 and $ 9,400 resistance to set the stage for the upside range trading. However, if the current momentum is sustained, BTC/USD pair will rally to $9,800 and a possible retest at the $10,000 overhead resistance.

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

BTC/USD – Daily Chart

Analysts believe that Bitcoin will reach the $12,000 mark in view of the recent development. The low volatility, when compared with major stock indices is favoring Bitcoin’s upward move. The price has broken above the 12-day EMA and the 26-day EMA suggesting that Bitcoin is rising. The recent upward move has reached a high of $9,500 but was resisted as price found support above the 26-day EMA. On the upside, if the bulls break the resistance at $9,500, a rally to $9,800 is possible.

Nevertheless, if the $9,800 resistance is breached, price will accelerate to retest or break the $10.000 overhead resistance. The overhead resistance can be weakened in view of the several retests at the  resistance. Analysts believe that a break above $10,000 and $10,500 resistance will push the coin to $11,500. Subsequently, the momentum will extend to $12,000. On the other hand, if the bulls fail to break the $10,500 resistance, the king coin will fall. Meanwhile, BTC had risen to level 53 of the Relative Strength Index period 14. It indicates that the crypto is in the uptrend zone.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, price is making a series of higher highs and higher lows. After the rebound above $8,918, the price rallied to $9,400 but pulled back. Buyers have pushed the coin to $9,500 high but have retraced and found support above 26-day EMA. The bulls have regrouped above the 26-day EMA to resume the current uptrend. However, BTC is presently in the overbought region of the market. Sellers have already emerged to push prices down as buyers regroup. The uptrend will resume if the 26-day EMA holds.

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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.