Bitcoin Price Prediction: BTC/USD Market Reverts Upswing

Bitcoin Price Prediction – June 12
BTC/USD pair now market reverts upswing moves that it had initially embarked upon around the lower range-line of $35,000. The reversion in the move has led price to trade around $35,506 at a reduction of -5.04 percent.

BTC/USD Market
Key Levels:
Resistance levels: $40,000, $45,000, $50,000
Support levels: $30,000, $25,000, $20,000

BTC/USD – Daily Chart

As the BTC/USD market reverts upswing, over time; a lot of trading activities have been occurring around three important levels of $40,000, $35,000, and $30,000. But, the level of $35,000 being the mid-point has been the most involving area in determining the ups and the downs of the market’s movement. Both the bearish and the 14-day SMA trend lines have slightly moved down past the immediate resistance level of $40,000 as the 50-day SMA indicator is located over them at a level of $45,000. The Stochastic Oscillators are in the overbought region attempting a crossing of the lines toward the south to indicate that a downward move is currently featuring in the crypto economy.

BTC/USD market reverts upswing, will it get intensified beyond the $35,000 soon?

As there has been an indication that the BTC/USD market reverts upswing currently, the major range trading zones of $40,000 and $35,000 are still much kept. The formation of a bearish candlestick nearing the lower range-line appears enjoying a strong signal backed by the southbound pointing of the Stochastic Oscillators. A dip of price move below the lower range trading zone is highly expected to give bulls support to make a re-launch of upswing between the $35,000 and $30,000 levels afterward.

As regards seeing a bearish trend continuation of this crypto market, bears would continually have to strengthen their appearance around $40,000 and $35,000 points. An eventual emergence of price hikes against the combination of both the bearish and the 14-day SMA trend-lines at the level of $40,000, may lead to bears’ market position loss to the upside.

BTC/USD 4-hour Chart

It is depicted on the BTC/USD medium-term chart that the market reverts upswing while it faces resistance between the values of $40,000 and $36,000. And, price has briefly breached southward past the lower line. All the trading tools are closely located around the current trading zone of the crypto market. The 50-day SMA indicator is located over the 14-day SMA as the bearish trend-line drew above them. The Stochastic Oscillators have crossed downward to make a slight entrance into the oversold region. That suggests that some pressures to the downside are on verge of getting exhausted. As a result, The values between $32,000 and $36,000 needed to be in focus as to where a sudden rebounding move is on a higher note of expectation to take place at a later time.

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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.