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Bitcoin Price Prediction: BTC/USD Drops Below $9,400; May Likely Bounce Back from $9,000

Bitcoin (BTC) Price Prediction – June 18

BTC/USD price is slowly approaching crucial supports and the bears need to be very careful once the price reaches the $9,200 support level.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $10,300, $10,500, $10,700

Support Levels: $8,600, $8,400, $8,200

BTCUSD – Daily Chart

BTC/USD has been struggling to maintain its position above $9,500 but its price saw another dive below the $9,400 mark today. The coin is in a dangerous position as the price may slip below the critical supports. If the breakthrough is confirmed, the downside momentum will gain traction with the next focus on $9,300. At the time of writing, Bitcoin is trading below the moving averages of 9-day and 21-day at $9,365.

Moreover, looking at the price movement of BTC since the beginning of the month, we can see that the coin has been moving up and down. BTC/USD started the month trading at $9,432 and reached $10,422 before starting the downward journey. The recent downtrend is such that the price is even trading below the $9,432 support. It traded close to the $8,898 support level where a new monthly low was formed a couple of days ago.

However, should BTC price failed to move up; we may see a price cut to $9,000 vital support. A further low drive could send the price to $8,600, $8,400, and $8,200 support levels while the resistance levels to watch are $10,300, $10,500, and $10,700. The RSI (14) indicator suggesting a probable bearish movement in the near future as the signal line is moving below the 50-level.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

Looking at the 4-hour chart, the bears have been dominating the market tremendously, but the bulls are trying to defend the $9,300 support as well. Meanwhile, the $9,100 and below may come into play if BTC breaks below the mentioned support.

BTCUSD – 4 Hour Chart

Meanwhile, in as much as the buyers can reinforce and power the market, traders may expect a retest at $9,500 resistance level above the 9-day and 21-day moving averages while breaking this level may further allow the bulls to reach $9,600 and above. The RSI (14) is moving around the 45-level which may cause the market to fall more.

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.

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