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Bitcoin Price Prediction: BTC/USD Rips Off the Gains as Price Slips to $9,045

Bitcoin (BTC) Price Prediction – June 11

The Bitcoin price is down from $9,970 to touch the support at $9,045. No quick recovery seems possible for the coin at the moment.

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

Key levels:

Resistance Levels: $10,700, $10,900, $11,100

Support Levels: $8,700, $8,500, $8,300

BTCUSD – Daily Chart

As at the early hours of today, BTC/USD seems strong-willed as the coin moved from $9,900 to $9,970 but the price is currently facing back the support level of $9,000 by crossing the 9-day and 21-day moving averages. The bears are ushering the coin below $9,500 today and now on its way to cross below the lower boundary of the channel. Yesterday’s bullish price moves took the coin as high as $10,018 and since then, Bitcoin has been tumbling.

However, the latest price reduction has made Bitcoin’s price to see a sharp cut of over $900, amounting to a 5.41% loss as it moves toward the south. In the time of following this rally, BTC/USD makes effort to erase the gains of yesterday’s trading, with the crypto plummeting to the south before climbing slightly to its current price of $9,358.

Meanwhile, today’s price corrections have traced a falling flag which has been breached very recently. Looking at the daily chart, $8,700, $8,500, and $8,300 serves as the major support levels, making room for BTC/USD to fall even further. The RSI (14) for the coin has just nosedives to the 50-level. Nevertheless, above the channel, BTC/USD may see resistance levels at $10,700, $10,900 and $11,100.

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

On the 4-hour chart, we can see that the bears have been stepping back into the market, trading below the 9-day and 21-day moving averages but the bulls are trying to defend the $9,300 support as well. Meanwhile, the $9,000 and below may be visited if BTC/USD breaks the mentioned support.

BTCUSD – 4 Hour Chart

However, in as much as the buyers can push the market to the north, we may expect a retest at the $9,500 resistance level. Breaking the mentioned resistance may further allow the bulls to test the $9,600 and above on the upside but the stochastic RSI is moving into the oversold zone indicating some bearish signals.

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.