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Bitcoin Price Prediction: BTC/USD Continues Its Consolidation above $9.1K, Unable to Push to the Previous Market Structure

Bitcoin (BTC) Price Prediction – July 6, 2020
Yesterday, after price tussle between bears and bulls, BTC/USD  dropped to $9,002 Low. Today, BTC price has rebounded as it broke above the $9,200 resistance. In the earlier price movement, the bullish momentum was not sustained above the $9,200 resistance. The upside range trading is likely if the momentum is sustained.

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

BTC/USD – Daily Chart

Since July 1, Bitcoin has failed to trade above $9,200 resistance. This is the reason the upside range trading is not holding. To retest the $10,000 overhead resistance, the price must rise to the $9,300 and $9,400 support. This has been the strongest support for the upside range trading. Bitcoin is trading at $9,210 at the time of trading. On the upside, if the bulls break above the downtrend line and close above it, BTC will resume its upward move.

The price movement is likely to be sustained if the trend line has been broken. In addition to its upward move, the moving averages have to be breached. A break above these levels will accelerate price movement on the upside region. Bitcoin is at level 45 of the Relative Strength Index period 14. This implies that BTC is still in the bearish trend zone and it is likely to fall.

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

BTC/USD – 4 Hour Chart

On the 4 hour chart, BTC fell to $9,002 low as the market reached the oversold region. Buyers emerged to push the coin upward as the coin recovered again. Today, BTC has rebounded as the market continues its upward move. On the upside, if it breaks the $9,300 resistance, BTC will continue it’s up trending. The downward movement will take effect, if BTC turns from $9,300 resistance. The king coin is presently above 40 % range of the daily stochastic. It indicates that the market is in a bullish momentum.

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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.