Bitcoin (BTC) Price Prediction – June 9
BTC/USD continues trading sideways currently at $9,728 after another significant rejection from $9,882.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $10,700, $10,900, $11,100
Support Levels: $8,900, $8,700, $8,500
Looking at the daily chart, after three consecutive bullish days, BTC/USD is still flat and trading sideways but has seen a volatile move, peaking at around $9,882 before quickly dropping to $9,582 under the 9-day and 21-day moving averages. More so, the Bitcoin (BTC) is recovering and continues to trade sideways.
Moreover, as the coin is trading at $9,728.35 and displays an intraday loss of 0.54%. The prevailing trend is ranging from expanding volatility. The leader of cryptocurrencies continues to consolidate in a bullish flag pattern. Meanwhile, a breakout out from this pattern is supposed to continue in the direction of the previous trend. In this case, traders expect BTC/USD to rise above $10,000 resistance and could move towards the potential resistance levels at $10,700, $10,900 and $11,100.
However, should Bitcoin price failed to remain above the moving averages; the price could drop below the channel and head to the $9,400 vital support. A further low drive could send the price to $8,700, $8,500, and $8,300 support. The technical indicator RSI (14) is moving in a sideways movement, which makes the market to be indecisive at the moment.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
At the opening of the market today, the Bitcoin price first went up but has dropped slightly within 24 hours, bringing its price from $9,888 to reach around $9,567. Should the price continue to drop further, it could reach the nearest support levels at $9,600, $9,400 and $9,200.
Moreover, if the bulls push the coin above the upper boundary of the channel, the Bitcoin price may likely reach the potential resistance levels of $9,900, $10,100 and $10,300. Presently, the market is indecisive as the RSI (14) indicator moves around 55-level.
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