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Bitcoin Price Prediction: BTC/USD Is Unstable Above $9k, Shows Small Strength Amidst Contraction

Bitcoin (BTC) Price Prediction – July 4, 2020
Since the last bearish impulse on July 2, BTC/USD  has been fluctuating between $9,000 and $9,100. There has been no significant price movement and the king coin has been on a downward move in July.

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

BTC/USD – Daily Chart

On June 24, the bears broke the EMAs, after the bulls failed to break the $9,800 resistance. BTC has failed to recover after the bearish reaction. The downtrend continued to the low of $8,855 on June 27. The price corrected upward but fails to break above the EMAs. The implication is that as long as price is below the EMAs, the downward move will continue to linger. On the upside, a breakout above the EMAs will propel price to rise to the previous highs. On the downside, the bears have an added advantage because price is in the bearish trend zone.

BTC will fall at the slightest chance of a breakdown because price is close to the critical support. A break below $9,000 will cause the coin to slump to $8,825 low and the selling pressure can extend to the minor support at $8,600. The downtrend will continue to $8,100 if the $8,600 support cracks. Meanwhile, BTC is consolidating above $9,000 at the time of writing. Bitcoin is at level 44 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)
On the 4 hour chart, the price movement has been stagnant with the appearance of small body candlesticks.

BTC/USD – 4 Hour Chart

These are called indecisive candlesticks, otherwise called Doji and Spinning tops. The candlesticks are describing that buyers and sellers are undecided about the direction of the market. This is the reason for price fluctuation above the critical support at $9,000. There is an imminent event of a possible breakdown or breakout. The coin is presently above 40 % range of the daily stochastic. It indicates that the market is in a bullish momentum. The price action is unstable as the market continues to consolidate.

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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.